Ah I see @todd_mobley . In my workaround, indeed, the values in the custom field would have to be manually updated, as well as the corresponding rules which is not ideal if you are creating new projects/clients frequently.
Your workaround is good, however, not ideal if you use status updates; these would be lost in the old archived project now so it breaks the thread. Also you would have to add the newly created project to the portfolio that the old project belonged to, if it belonged to a portfolio that is. Plus, you’d have to remove the old archived project from that portfolio.
I agree with you though, hopefully this will be something Asana will implement in the near future.
In the meantime, I found this existing thread that you can vote on: