ALTERED ODYSSEYS is an ongoing project which collects ways in which people (mostly Hendrix students, but not entirely) have engaged Homer's Odyssey using found poetry techniques such as altered text and erasure. Contributing pieces for the site (up to 6) could count for Classics in Action credit.
The site gives you an idea of what other folks have done, and you can see that there are a variety of different approaches possible. The site also provides some general links about text alteration so you can get a wider view of these artistic processes.
If you're interested, I have copies of the Odyssey from which I can tear out pages for you to work on, but digital erasure (like Will Matheson's work on the site) is also possible and wouldn't require having physical pages of the Odyssey to mark up: you could just copy and paste a digital translation into a Word document and "white out" words by changing their font color to white.
