A. Weekly Reports

I think reports could be more often than weekly. I don't see why a student can't shoot an email to the mentor at the end of every work day, or work session, with just a brief summary of what's been worked on or what progress has / hasn't been made. Then these emails would comprise the "weekly" update already, as long as they're working often enough.
B. Dual-mentor

Definitely agree
C. Questions

I like XBMC's request that with an application come with a proposed timetable, roadmap, or other sort of information showing that the applying student also knows (or at least is capable of making a reasonable guess) as to what steps are included in his project, and the sort of timeframe it could reasonably take. While not a simple question in the way yours are, it would help the mentors more readily judge whether the applicant and the project are suited for each other.

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