Yes it can be done!
Go to a persons Property/Record page and click the Cog, and then Customize data Entry.
Leave the Record type as Individual, and Tab as Main
Untick the Show most commonly used items only.
This will give you <Custom Item> (for advanced users) at the top of the list. Highlight it and use the > arrow to move it to the right hand pane. Move it up to just below the Note field.
Click Edit Custom Item
Give the Custom Item a meaningful name
Tick the Part 1 box - this will be the left hand flag
Label - Project 1 Data Reference bow click the <<Select, navigate to Flags, and select your first flag.
Tick the Part 2 box - the right hand flag, Label it Project 2 and <<Select the second flag
That's the basics of it. You may want to name the labels as more suitable names..
Give it a go.