This is a common question with Project Server 2007 and the answer is yes but there is some manual effort that is needed.
To copy the toolbar from one project to another, or to make it available to all new or existing projects, you can use the Organizer.
- To copy a calendar from one project to another, open both projects.
Note If you want to copy a calendar to or from the global file, open only the project that you want to copy calendars to or from.
- On the Tools menu, click Organizer, and then click the Toolbars tab.
- In the Toolbars available in list on the left side of the Organizer, click the project (or global file) from which you want to copy the calendar.
- In the Toolbars available in list on the right side of the Organizer, click the project (or global file) into which you want to copy the calendar.
- In the box under the project name of the open project on the left side, select the toolbar that you want to copy.
To select multiple calendars, hold down CTRL and click each calendar.
- Click Copy.
Thanks to MSFT documentation for and the reuse of the steps above.