chriscas, yes, we actually have done something like this! We aren't currently using it because we want to keep students completely out of their course before they complete our Mandatory Orientation, but before we got that programming to work @James came up with a nifty LTI call that I think will do what you want.
Basically we had it set-up as an assignment that when the students clicked on it in their Modules it either took them to the orientation so they could complete it or showed a message stating that they'd already completed it. We had it placed/set-up so that students couldn't progress in their course until they completed it, but that would be up to your faculty. Also, making it worth points or not would be up to the individual faculty member.
On the faculty side of things the faculty member had to originally create the assignment (for submission type make it External Tool and then select the LTI) and could then click on the assignment and see a list of those students who had complete the orientation and who hadn't.
I know 0% of the technical details and might be a little off on the overall logistics (we haven't done this in a while), but James would have/know all the details.
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