@ZAga yes this was a very complicated setup to get working as NetSuite had a lot of "gotchas" along the way. The main one with reporting was trying to pull together transactions from 4 different project records. However, once I added the parent "Master Project" that made things much easier. I would recommend the Master Project (or whatever you want to call it) if you are taking this approach as that made reporting much easier.
Couldn't use the native Job Costing and Budgeting/Project Profitabliity reporting at all because no one could manage the 4 projects and aggregate everything together properly, but outside of that it was working well. Plus if you make your Master Project a custom segment you can use it in financial reporting