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@Tom
Yes, you speak exactly of what I'm looking for. I was looking at Moodle, aTutor (which has a Joomla port), and LogiCampus. I liked aTutor because it has a payment module available. I loved LogiCampus because of the clean layout. I never really got a chance to look at Moodle.
@Damaster
This is definitely a 'serious' project. Thanks for the tip. I'll take a look at dokeos.com.
@Everyone
If anyone knows of the whereabouts of the modulized version of the Moodle system that Tom speaks of, please let me know. This project wont be starting for another month, so as of right now I'm gathering ideas.
Thank you all for your input.