Students enrolled in software engineering degrees are generally required to undertake a research project in their final year through which they demonstrate the ability to conduct research, communicate outcomes, and build in-depth expertise in an area. Assessment in these projects typically involves evaluating the product of their research via a thesis or a similar artifact. However, this misses a range of other factors that go into producing successful software engineers and researchers. Incorporating aspects such as process, attitudes, project complexity, and supervision support into the assessment can provide a more holistic evaluation of the performance likely to better align with the intended learning outcomes. In this paper, we present on our experience of adopting an innovative assessment approach to enhance learning outcomes and research performance in our software engineering research projects. Our approach adopted a task-oriented approach to portfolio assessment that incorporates student personas, frequent formative feedback, delayed summative grading, and standards-aligned outcomes-based assessment. We report upon our continuous improvement journey in adapting tasks and criteria to address the challenges of assessing student research projects. Our lessons learnt demonstrate the value of personas to guide the development of holistic rubrics, giving meaning to grades and focusing staff and student attention on attitudes and skills rather than a product only.