--- Quote Start ---
You definitely come to the right place... as your project sound like quite high tech, but can enclose more details? as the board selection is highly depend on your application topic and components involvements. but it seems that you don't need a arm core. probably DE2 quite good already
--- Quote End ---
Thank You :)
The outcome of the project would be to write a small code, probably in assembly and control the LED(s) on the FPGA. Do you think it is possible?? And I guess Quartus Lite v 15.1 does not support Cyclone II based FPGA. So what could be the way out??