Hi @Bill Glynn
I am not aware of any limitation both on Jira instance and project level. If there is a technical limitation, it's much higher then you will ever need and also Jira itself will become unusable well before you reach this limit.
You need to remember though that every custom field introduce some performance, usability and fields managability overhead you should avoid. As a general rule of thumb try to keep custom fields number as minimal as possible always trying to use generic names and reuse them.
Best regards,
Piotr
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