50.4 is telling that you may be in for an embarrassment, which may have to do with not having enough time for your studies. The time spent on it already may get wasted.
What 50.6 is about depends a bit on how exactly you intended your question. It may either be about working on the project, or on the effect the project has on your study. Perhaps working on the project is also beneficial for the advancement of your study?
On 50.4 - Well, that's my interpretation. You'll have to check yourself if that really is a possibility you need to reckon with.
If you work on one thing, you'll have less time for something else. If you work on a project, you have less time for other things, like study. It could be that the amount of time you have available for study will become too litte, if you spend too much time on the project. If it does, you might embarrass yourself by failing exams.
50.6 - This line is picturing a very valuable caldron, so it's a metaphor for a very valuable situation.
The hexagram in my view changes to 46 as you are advancing by doing the project. That project will be a source of fulfillment.
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