A scholarship is a good idea but there are huge other issues.. who will run it? Where will the courses be undertaken .. just Tasmania, or the whole of Australia or worldwide. This CAN all be done. I have experiance of dealing with trusts, scholarships etc world wide and these fall under philothropic trusts ... .
http://www.philanthropy.org.au/. I would suggest a lawyer needs to work with the family. This will take at least!!! a year to work out, as it is a major commitment. I think the family needs to space to grief first. But over all I love your idea but not sure of the execution.