I know nothing about ML
But a general question:
I realize this is a professional MFE course with taught classes rather than a research degree.
Are you looking for them to do
(a) a traditional thesis which has to be original work and be defended
(b) "projects" to learn skills? (and you could even use the same projects year after year)
I don't know how many students are in your course, but I suspect you'll have your work cut out to find projects for all of them either way.
And I don't know the practicalities of it, but if it's "projects" then it might be easier on you to have them work in groups, meaning you would need fewer things for them to do.
I am not giving a course, but am an external supervisor at a UK university for a while (about 40 theses to date). Till now, we have the usual fiance project but seeing all the hullabaloo around ML it might be a good idea.
It's a type b) project (3 months...)
Assigning two students to a project is good idea. I did it in the past.