I would like to edit the options in the "Priority" list for just a given project, while the rest of the Projects continue to use the default list values. If this cannot be done, is it possible to create a custom field with the same label "Priority".
It is not possible to have different priorities for different projects (although it is highly requested: https://jira.atlassian.com/browse/JRA-3821_). You can definitely create a custom field for your project and give it different values for "priority", but I'd suggest calling it something at least slightly different than "Priority" (even just don't capitalize the first letter) so that you can tell the difference between the system default field and the custom field when you're doing your configuration.
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