Making it an assignment is almost certainly a bad idea for a project to do at home. It would require that all of the students start at the same time or they won't have their full hour. A quiz, as @kblack suggested, allows each student to have the full hour once they start.
I've done this with paper and pencil take home exams in the past with assignments. However, the assignment was an LTI that would add a timestamp to a PDF file that the student would download, print, complete, scan and then upload within the allowed time. On my end, it would write the time the file was downloaded to a database (the link to download wrote it to the database) so I could go back later in case I needed to audit things.
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