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You can turn a (top-level) action into a project by doing CMD-[. The only issue with that is that it ends up at the top of the hierarchy in the left pane.

Switch to that with CMD-4, scroll to the top with up arrow, then move the thing down and up with Ctrl-CMD-down/-up, and indent/outdent with CMD-]/-[ until you are the right spot.

I've submitted a comment that you would expect the promoted action to end up somewhere near the project it was in. Not that that is going to help of course.