Does this project take the place of a capstone course or senior thesis that my major or college might already require?

Springboard fulfills your Macaulay thesis requirement. You are still responsible for your campus and major requirements. If you want to use Springboard to fulfill multiple requirements, you need written permission from your major advisor, Macaulay advisor, Macaulay campus director, Springboard professors and any other professors or mentors for whom you want your Springboard work to be cross-honored. You are responsible for getting these permissions documented prior to beginning Springboard.