Sounds like you are onto something with potential - could be fun!! I'm surprised that you teacher is suggesting a blues jam. With what I'm doing, they discourage that. The problem is that a blues jam is more entertaining for the players than the audience.
Just remember that it's about making music with others. I can tell you from first hand experience that even if you are playing a song that isn't that interesting to you, it is still a great experience. Van Morrison and The Black Crowes aren't in my music library and I've only heard their music on the radio, but it's great fun playing their music in a band.
Keep us posted!!