Please start here:
$1 Many, many sighted engineers and tech hobbyists have worked on similar projects, typically without knowing much about blindness or speaking first (in person) to blind folks. This invariably leads to disappointment for developers and prospective users/customers.
It's good to spend a week or two tinkering and trying a few things before you do research, if only to make the enormity of the engineering problems clear. But then have everyone on the team read about solutions that already exist, techniques known not to work, etc. This will save you lots of time.
If you're proposing to implement passive stereo for 3D, realize that this will not be suitable for any safety-critical application. If you don't have the funds to get a decent active stereo (that is, stereo + NIR projected pattern), time of flight, or other off-the-shelf 3D sensor, then you can certainly go with home brew stereo using OpenCV or the like. Most stereo solutions are unpleasantly burdensome on processors and memory, though.
Whatever sensor you can pull off, be sure to read up on the sensing technique's limitations. All sensors have limitations that are serious liabilities for generalized object/hazard detection. This is one of many reasons why it's wise to severely restrict the types of objects you're proposing to detect. Incidentally, there is an entire class of objects for which ALL sensors have problems.
Before you do ANY engineering, make local contacts in the blind and visually impaired community. Try to solve a single, very well defined problem for your contacts. Trying to "detect any object that could potentially be hazardous" isn't well defined as an engineering problem. There's a saying among some older engineers in image processing field: trying to find anything anywhere is impossible; trying to find something somewhere may be feasible.
I wouldn't suggest object/hazard detection as the problem for your team to solve unless you decide to develop a proof of concept to detect a specific type of hazards. Also realize that hazard detection will only be a pressing concern for some folks in the BVI community--knowing which folks those may be will also help determine how your interface should work.
Detecting hazards is very difficult. Unless you already have experience segmenting objects from the background, you'll likely get very frustrated. Don't try to detect any but large hazards if they're on the ground.
Consider all the ways the tech will fail. It will fail, and planning for the various failure modes is critical in this or any other engineering project. Write up a spec document defining performance for your project. Difficulty in defining performance in quantitative terms is an indication that you'll run into trouble with development, testing, and improvement.
Finally, I wouldn't suggest trying to both develop a pair of glasses AND develop an object/hazard-detecting application AND have this be your first effort in assistive tech. Any one of these is difficult.
Good luck! As long as y'all are willing to put work into research, documenting your specs, etc., I'd be happy to answer questions that may come up. I've worked a few decades in image processing, have patents in 3D sensing, etc.