I would like to be able to configure time tracking per project

I would like to be able to configure time tracking on a project by project basis. The reason for this is that some teams may want to alter their hours per day to account for project overhead.
For instance:

• One project may want to allow 8 hours per day
• Another may want to limit it to a 6.5 hour day to account for a 20% administrative overhead.
• Etc.

It would also be useful to allow the other settings to be configured on a per project basis.