Hi @bsrinvasan ,
@ProfessorBeyrer gave some great suggestions and also put out a request for more ideas, so here's mine. I would consider setting up a graded Discussion as a Group assignment but with only one student per group. That sets up one-to-one Discussions student to instructor with a platform for back-and-forth submission and feedback. Use the RCE to "submit" the work (embedded or via link or as an attachment) and continue to Reply (each with a new RCE) until it's time for the final submission. At that time you can "Close for Comments" to end the Discussion and assign a grade, with one column/grade in the Gradebook for the entire assignment. Any interim grades (as feedback but not to be recorded in the Gradebook) would go in the respective Reply.
One drawback to this method is that working with Discussions in this way can be unwieldy. But it's another option to keep in mind.