I have seen magazine cover creation being taught in the past. What I often find is that what is produced look like posters, rather than magazines.
During this project we take a look at what magazine actually look like. Then students take the design features and elements we like to produce a cover of their own using what I have taught in lessons.
In the presentation below there is a link to example student work to give you an idea about what I expect. There is also a link to video tutorials. They will be added soon.
(Work in Progress)
Project: Graphic Design: Magazine Covers
mattbritland.com 
I quite like the Bourne Legacy cover, very effective with the layering
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