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There is no out-of-the-box solution to keep the GL value set synchronized withthe list of projects.
You might develop a customization like a data base trigger that will maintain the value set for the COA.
You may need to consider changes in project status so only approved project will have a value enabled in GL. When project is closed in PA you will need to automatically disable or end date the value in GL.
First of all thanks for your response.
I was just validating further about this scenario and come up with understanding that if I make a value set assigned against project segment with Validation type as "None" instead of "Independant" then will I be achieving creating projects dynamically without doing customization?
This is sheer theorotical and wanted to confirm you.