I think many Scouts have better luck approaching the project from the perspective of who they would like to serve, rather than what they would like to do. Finding a contact in a community organization that could use your help is a nice way to focus your thinking and possibly get some specific ideas for a project. Make contacts with Village Trustees, Town Council Members, officials at your place or worship and other representatives of community organizations. They will almost always want to talk with you about ideas for how the Scouts can help their organization.
Remember that an ideal project should involve both labor hours and a budget, though the costs shouldn't be so dominant that the project ends up being about raising money. There are other "rules of thumb" but each project is unique, so discussing your project ideas with others is the best way to determine its suitability to all parties.
Download a copy of the project workbook and get your first draft written. Even a very rough draft helps attract attention and can generate specific feedback on your plan from the sponsor, Scout leaders and parents. You will go through many revisions of the plan before it is ready to take to the Eagle Board for approval to begin work, so show the plan to as many people as you can at every stage.
I hope we see some Eagle project plans coming together this spring. If you are one of those Life Scouts, my best advice is DON'T PROCRASTINATE!