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Your approach is essentially correct. The method to implement it depends on user interactions and marketing goals.
Marketo would set "created a project" to true and keep that value if users genuinely fill out a form multiple times, assuming they have ability to create multiple projects.
The campaign would not trigger the second and subsequent interactions.
The flow could include a step "change data value" to reset "created a project" to false again.
I would consider SOAP API's syncLead if users are free to create multiple projects.
While Munchkin only returns HTTP 200 (OK) or error, SOAP API allows to evaluate the XML response and take actions based on the result. It would also blend well with requestCampaign.
Note that Munchkin API also exposes two other methods, visitWebPage and Click Link. Therefore, another option is to call them and therefore trigger off of them in Marketo (i.e. to create the Interesting Moments).