Dictionary Summer Project

I would love to take up a project during my holidays summer, which main aim would be to remember as much words as I can. I think I will remember Spanish dictionary to learn this language and in addition I know it’s basics. I would like to remember about 100 words a day alphabetically with method of loci. I want to remember all this dictionary, but it doesn’t have to be only during my holidays. During these 3 months I want to manage 5000-7000 words.
My only concerns are about locis. I have now only about 500 and I think it won’t be a huge problem for creating more, but won’t it really? It’ll surely take time for that. My question is: how much time do you spend for creating memory palaces?
I would also like to have a memory palace in reverse in order to remember something at university.

What do you think about it? Could you give me some clues?

You might be interested in this vocabulary memorization discussion.

You think it’d be good idea to remember this list: http://cognados.com/lista-cognados/a
if I’m not English native speaker? I would learn both, Spanish and improve English.

I haven’t tried memorizing vocabulary linked between two foreign languages like that, but it sounds like an interesting idea.