It is a good idea to make a draft of the final project first. As it takes enough time but all our previous tasks are destined to help us. I mean that preparing the draft I used assignments accomplished for the previous weeks. They have been done and some time with some other assignments have passed. So we've got new knowledge and new experience and it didn't take long to add some changes.
It' s a good idea but I think it can be used for all courses. For example, our students starting the 3d foreign language have 360 class hours a year. And at they end of this first year they are to show their pronunciation skills, listening and comprehension skills, grammar and reading skill, and, of course, speaking skills. What could it be a final project here? I suppose something can be found but here I'd prefer traditional teaching although I admit that some aspects can result in a final project.
And the idea of peer review always works well. You have a chance to look at your peer's draft critically and while doing that you become more critical to your own draft. While reading peer's draft you think: Aha, in my draft I could do so or so to make it more efficient or clear! And when you get checklist prepared by your peer you continue his/her ideas and aspire to improve and make your project perfect. Although it's not possible we always should aspire for it.
I would offer my students before presenting their PowerPoint presentation or reports to give them to their peers to be reviewed. Sure rubric for such review should be created together with students. I think doing so students become more conscious, more critical and more efficient.