I did ENGG1000 comp stream first semester 2006 and it was heaps of fun. I highly recommend it (any stream) to anyone doing eng. Last year for the comp stream, we built a lego train track and some some software to make the whole thing run, to optimise how much money your train could make buy picking up and dropping off goods along the track.
The ELEC stream had 2 projects, one was to make a system that could use LEDs to send bits over a couple of meter distances, the other was to make a regulator attached to a motor that would rotate a little plank of wood so that it would always face into the wind.
ENGG1000 is awesome because it lets you do stuff that you normally wouldn't study till 2nd or more likely 3rd year, and you get to do it all in a big group and make heaps of friends. Awesome course.
For 1131/1141, yes you can do higher even if you don't make the 186+ cutoff, noone will check and its only a rought guide. IIRC, you have 2 or 3 weeks leeway to move between the two of them until you are stuck.