I was thinking along similar lines, for example to have "breakout" chapters where the original design could be extended. One idea was to have a second ROM32K which would be used as a microcode lookup table, so that the instruction set can be "programmed".
I think a MIPS-style CPU would be hard to build from scratch, but adding some extra general purpose registers and changing the assembly-language syntax to a more customary one is possible, see my ideas here.