It depends on the nature of the projects. If they are purely operational and do not require tasks or plans, you can use a workspace instead, combining all the resources and time types into one workspace. If they require plans and tasks, you can use a project
and just combine the resources and time types. All other configuration will depend on how you plan to use the project.
There isn't really a "best practice" for this since it all really depends on how you use the project. Use your best discretion.
I hope this helps!