I think an interesting OHM meter project would be something that goes slight beyond the traditional OHM meter as we know it. Something that's purpose specific, for say; quickly determining resistor values. Instead of showing a readout of 2178Ω for a 2K2 resistor, it would display 2K2 (which is ultimately what the user is looking for) A 2K2 resistor with 1% tolerance, on a traditional meter could measure in anywhere between; 2178Ω - 2222Ω. It takes our brain some slight extra time to compute that, that's a 2K2 resistor as apposed to the display directly showing 2K2. This would significantly speed things up if the user had intentions of measuring a considerable quantity of resistors.

Another feature might include averaging! The user samples 100 or so resistors and system spits out an average. So if you're going to do an OHM meter project - think different and it might all be worth while. Otherwise, that $5 meter on eBay looks like the go.