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".
The priority field is a Jira field and appears almost everywhere where there is a issue viewed , for example issue navigator , Gadgets , reports , emails etc .So replacing it with a customfield is not a good option .
Jira doesn't support it natively and really needs to before it can be seen as an "Enterprise" application. See the very old and very popular https://jira.atlassian.com/browse/JRA-3821 for loads of workarounds. Frankly though Mizan's suggestion above is the best one I know of.
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