Using a Service Ticket to create a Project

We are discussing the possibility of creating a "Submit a Project" request ticket that would require a form be completed with all the necessary information about this requested "possible" project as well as a.) kick off a workflow for approvals for this request and b.) capture a scoring from a scoring utility that we have (adding it to a custom attribute through either the use of webservices or iPaaS).   Once this request has been determined that it is indeed an approved request for a project - create a CHILD ticket that would be used to create a project (as I do not want to loose any of my information in the feed of the parent ticket and my understanding is that once you convert a service ticket to a project you will indeed loose the physical ticket historical information).   Now that there is a Parent ticket open and a Project created --- leave the parent ticket open UNTIL the project has become staffed and active - once this happens - update the Parent ticket notifying the requester that the project has now "broke ground and this request for the project to be created ticket will now be closed".    

I am thinking that this could be an iPaaS workflow - but we have not started iPaaS yet (slotted to start training in August)...and am not familiar enough with the Projects side of TDX to know if this proposal is even feasible?   would creating a child ticket to convert to a project eliminate loosing the information on the parent ticket?    Just looking for some feedback at this point