Unfortunately not, once a user is granted with administer project permissions, he will be able to perform all admin functions of a projects.
There is no way we can isolate one from the other. Its either none or all capabilities that a user gains.
Rahul and Jobin answered this, but I'd like to add that Atlassian have said that they'd like to break up admin into more layers, and this sort of thing is one part of what they're looking at. As in https://jira.atlassian.com/browse/JRA-3156 (vote and watch...)
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