Okay, again medieval* (do you not use spellcheck?) Next, no! That would take a tremendous amount of time to complete, and if this was a presentation would you go to the front of your classroom and download and login to your Minecraft account and show your class your medieval town? Or if it was a homework assignment would you coordinate with your teacher to join your Minecraft server at a random time of the day to show it to her? This would be extremely inefficient plus controls can be confusing.
I have used Minecraft many times over for personal entertainment. In no way would this have helped me at school to get a better grade, or to increase my knowledge in science class. This may be a good use for spare time, as it is probably the most addictive game that you can possible gain any knowledge from. Another problem would be, what if they get sidetracked and just start to mess around and play instead of work? It may be fun, or mildly educational, it still should not be used in schools.