The Odyssey is one of the units that already existed in my class, but I have made one big change: instead of Samuel Butler's prose translation from 1898, I am using Tony Kline's translation from 2004, generously shared online at his website, Poetry in Translation. Butler's translation was not a real problem for students, but the more contemporary style of Kline will be much appreciated I am sure. Tony Kline's website is an incredible resource for which I am very grateful indeed; I am using his translations for Ovid's Metamorphoses and for the Cupid and Psyche episode from Apuleius. If I decide to do a Dante unit (still not sure about that...), I will use Kline again for that too!
I'm surprised that there are not more illustrated editions of the Odyssey available online, but I have made good use of the Flaxman illustrations, like this fabulous depiction of the sea-monster Scylla; to get a sense of the scale, look at the companions of Odysseus whom she has snatched up, one by one. Wow!