I originally went to college as a mechanical engineer and I worked on a SAE project, but it was a buggy. It ran off road and had to be able to do a coarse in the water floating as well.
Sounds like you are well on your way and I am looking forward to watching your car progress.
I have seen a couple SAE Baja cars, and they look like a ton of fun. We don't have a Baja team here at CSUN, but FSAE is a blast too. I've always been more into drag racing, but getting out there and autocrossing with our car has broadened my horizons. These cars handle really well. We did some testing with a data aq system and found our max lateral acceleration to be 1.6 gs. We run a Yamaha R6 motor and the car should weigh under 450 lbs. The motor is restricted so we top out at about 85 hp, but it's a pretty good ratio.
It's a great project that I would recommend to anyone that wants to go to school for engineering.