In light of the rubric, it looks like a busywork project with some math. Unfortunately that type of thing gets assigned all too often. I think we all agree that it is not a good project.
I would agree that there is some merit to the early rubrics using equations, and then the artist part should be satisfied by giving a small amount of credit, maybe 5 points for something like using at least 3 different colors. You pick the requirement you like. Some students may find it more interesting if they think it can have some decorative value.
Unfortunately there are some teachers who do these silly things. I am not big on projects, as I have not seen many that are likely to help student learning. I called the comp sci activities projects, but in reality they were just straight applications of math and programming. Actually I stressed the logical reasoning behind what they were doing.