klokwerk said:

Having said that, I know Jamie would like to tackle Back to the Future at some point. If you're doing one of these as part of a class, apart from making sure that you can do so (some schools might frown upon the copyright-infringing nature of these projects, mine did), you might be better off going for a film that you enjoy that has significance in film history and those Welles suggestions are a good place to venture towards.

If I recall correctly, some of Welles's films are public domain, so that would kill any legal issues possible. The Stranger is definitely PD, having had tons of releases. I'm pretty sure that Mr. Arkadin and The Trial are PD too, but it's under dispute so it's not readily available on a site like archive.org/Internet Archive.