The UMLS was intended to help with interterminology translation. Develop a method for doing so and evaluate it for several different translation tasks. The MED has many concepts with UMLS CUIs, but they are out of date. Review them and update them. Compare it to the MED and update the MED according to concept-permanence principles.
Several projects are available that involve veterinary terminologies.
A great deal of work is currently going on to unify drug terminologies for use in HL7 messages. A number of vendors have contributed their terminologies and Galen has attempted to unify them. The idea would be to translate between the terminologies, but this might not work if the vendors don't follow their own rules. Examine the work done thus far and evaluate it.