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@*Matt*
That is a brilliant idea. I believe the US were designing this for bullet proof vests.
If your doing a BA you'll get marks for your surface design. If your on a BSc the money shot will be th mechanism - this is what I would refine. The mechanics (or lack of) of the product.
Marketability will be the success or failure of the product. It maybe worthwhile consulting with a well known brand in locks lik Chubb and asking a respected bike shop like kinoko for design.
Have you looked at using CRT card reading technology. Currently used on locker systems. Users gain access (open locks) by using cards which work on a frequency?