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Well, it works, but you're sacrificing the ability to see the actions for a given project all in one place. With a small number of actions, it'll probably be fine, but I sorta doubt it'll scale up well.

Wouldn't the actions in something like the following end up scattered all over?

Project: Take over world
Step 1: send email to bob about deed on volcano hideout
Step 2: update wiki with stats on new ninja robots
Step 3: meet with UN, demand tribute.

It seems like the downside of moving contexts over to the other view is minimal, but gives you the ability to see how your actions relate to each other as they move you towards the overall goal...