[Jtsummers]

The same can be done with a project but writing two papers. I was taking courses in graphics and parallel programming at the same time. I took my graphics project and modified portions of it to run in parallel. Then I submitted one paper on the graphics and another paper on the transformation of serial->parallel and the performance gains.

But always get permission first. If professors find out that you're reducing your workload like this they aren't always pleased. However, if you're talk to them (and they're reasonable) then they'll almost certainly accept it.