tomjp,
you are not the first to visit this site who is a student with an assignment to design and build a land yacht.
I am sure others will follow you. Just about any internet search of land/sailing/yachting will lead the searcher to this site.
The reason why I believe that is that the design experiments and construction being done by various contributors to this site are "cutting edge".
You have definitely come to the right place but rather than ask questions I have to suggest your time would be better spent READING everything that has been posted on this forum over the last 5 or 6 years.
It is A virtual Encyclopedia of Land Sailing.
Once you have read it all, if you still have questions, which I doubt you will have because by then you will know as much as the rest of us, or maybe more, most here are quite happy to provide you with the benefits of their experiences.
How does the saying go?? Ah yes. Now I remember.
"It is better to learn fom other's mistakes becuase you will never live long enough to make all the mistakes yourself."

As you are studying Mechanical Engineering which involves metallurgy and associated failure figures of various materials you might be able to provide some of us amateurs with insights into lighter and/or stronger construction.
I sincerely hope you actually build a land yacht rather than just meet the criteria of your lecturer and only submit a written dissertation on land yacht design.
If you did actually build a land yacht with pics of the build and vids of it sailing posted on this site, we will all be chuffed and give you lots of encouragement.
Happy researching, designing, building and sailing. Proof is in the product.
Question for you. Please ask your lecturer and tell us why he chose this as your task? There are so many of them doing it lately.