Cool. pg, if you are reading this plz let me know if we should advertise to Arcers or if your group will be doing so. You would get more student projects allocated as an Arc-specific mentoring organization, btw. Lisp-NYC only got a few projects from Google last time, and Arc students would be competing against students for other Lisps for the allocation.
In the meantime, interested Arcers who qualify under the Google rules are free to conjure up projects they think will be attractive to whichever group ends up mentoring Arcers, and/or watching the Lisp NYC space for project ideas provided by us and/or mentors outside our group. In the end the student applies to Google who forwards to the right group for assessment which the group returns to Google who then finally decides. Hope that's clear. :)