Custom links based on project metadata

Would it be possible to have custom metadata/properties against a project, which can then be used to drive a custom menu item?

The use-case is where a project may have an externally managed service (e.g. an external firewall).

The custom menu item would be able to use the custom parameter similar to the current fields like project.id.

If the parameter was not set on the project then it would not show the menu item.