I hope you're not planning on doing this research until 4th year. If you really want to be competitive in the match, ace your MS3 rotations. This isn't Derm/Ophtho/Ortho/Rads, so you don't need research to do well in the match.
Having said that, if you are looking at a 4th year research project, this is the time to prepare. It sounds like they are asking you to develop the project, which seems a little ambitious. I hope you will at least have some help collecting and analyzing data, because unless you plan on doing a retrospective study, those two pieces may take 2-3 months of your 4th year.
The more I think about it, the more I wonder how you will have any time to accomplish your own solo project in time to matter. To squeeze it into your app, you will have to be accepted to a conference by September, which means the abstract will have to be written by August at the latest, giving you about one month to collect data. I guess maybe you could be accepted later and send an update to each school, but I wouldn't promise it would be noticed.
Research is a great thing, but at this point in med school, you're much better off concentrating on 3rd year. You don't know it yet, but you'll get your @ss handed to you in more ways than you can count, and be expected to study with a smile. If you can find time to tag onto another groups' project, then that's great. I just don;t realistically see you accomplishing much this year other than maybe an IRB submission, leaving you little time next year to make enough progress to actually list anything significant in your app.