Disclaimer: I'm not in any way involved with Django's GSoC participation.
A schema alteration API was one of the accepted projects last year,
which unfortunately, was not successfully completed[1]. So I'd say
it's definitely worthy. Might be worth having a look at the code that
was completed in last year's attempt to see if it is worth including
in your proposal.
Last year's ideas are here [2], and if that page's history is any
indication, this year's ideas should be up fairly soon.
[1] http://groups.google.com/group/django-developers/browse_thread/thread/a52202349049472f
[2] https://code.djangoproject.com/wiki/SummerOfCode2011
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