Chance of getting busted by the magical RPGmaker abandonware copyright police: 0%
Chance of getting busted by whoever is responsible for grading your project: 50/50 (they either do or they don't)
Consider that people are profiting off of YN with physical and digital goods containing actual game content such as sprites and yes, even music. Even if it wasn't common practice in the YN community to profit off of actual content, Japanese doujin culture gets away with using likenesses and such for profit for things that are copywritten. Then there's fair use clause, etc etc..
You teacher is all you have to fear. If you do get arrested though don't mention this place.