Yes of course you can turn it into a specialized device for engineering and homework.

For project management tools, look at the Omni group, and then their competition.

I don't know if there are circuit simulation tools, but I would expect so. Have you searched?

Python and C can be developed natively on the device if you jailbreak it. I


You can turn your ipad to superb engineering/coding device with buffer editor. It's great code editor with vim support and it also supports autocomplete and syntax highlighting for many languages. You can find it from appstore https://itunes.apple.com/us/app/buffer-editor-code-editor/id502633252?mt=8 or from http://www.buffereditor.com