Certainly is. If your project will be identical, you can just make a folder to store your template project(s). You can mark the folder as Dropped so the projects won't show up in your lists. Then when you need one, set the sidebar filter to show all projects, go to that folder, select the project, and duplicate it with cmd-D or Edit->Duplicate. Drag the new project to where you want it and you are all set.
For a more advanced approach, check out Curt Clifton's Populate Template Placeholders script. MacSparky has a nice writeup of it here:
http://www.macsparky.com/blog/2011/1...plescript.html