Do you have access to a developer resource?  If the business case is approved for development, they should be able to add a FieldUpdated event handler (into a customization project) on the location field to lookup the address information of the location and push it into the project address.  I’m not sure of any other ways this could be done “in-line” during data entry.

Hi @cwalton3   Here is the customization code. Please add this to package package and deploy. 

Hope this helps!!

 public class ProjectEntryExt : PXGraphExtension<ProjectEntry>
    {

 protected virtual void _(Events.FieldUpdated<PMProject, PMProject.locationID> e, PXFieldUpdated InvokeBaseHandler)
        {
            InvokeBaseHandler?.Invoke(e.Cache, e.Args);

            PMProject row = e.Row as PMProject;
            if (row != null)
            {
                Address objAddress = PXSelectJoin<Address, InnerJoin<Location, On<Location.bAccountID, Equal<Address.bAccountID>,
                                     And<Location.defAddressID, Equal<Address.addressID>>>>,
                                     //Where<Address.bAccountID, Equal<Required<Address.bAccountID>>,
                                     Where<Location.locationID, Equal<Required<Location.locationID>>>>.Select(Base, /*row.CustomerID,*/ row.LocationID);
                if (objAddress != null)
                {
                    if (Base.Site_Address.Current != null)
                    {
                        Base.Site_Address.Current.AddressLine1 = objAddress.AddressLine1;
                        Base.Site_Address.Current.AddressLine2 = objAddress.AddressLine2;
                        Base.Site_Address.Current.City = objAddress.City;
                        Base.Site_Address.Current.State = objAddress.State;
                        Base.Site_Address.Current.CountryID = objAddress.CountryID;
                        Base.Site_Address.Current.PostalCode = objAddress.PostalCode;
                    }
                }
            }
        }
		}

@brianstevens  @Naveen B I wanted to thank you both for your responses. both were very helpful as a non-developer/techno-functional consultant. 

Does anyone know why this is not an out-of-the-box function yet?  These fields have been there for a few major versions.  @Naveen Boga thanks for the code, but I hope this is on the roadmap as a default feature when using CRM with Projects.  

This is similar to the following.  Please up-vote this idea.  There is in fact a permanent solution coming.

On 23R1, please use the work around of selecting the Override option on the Project Quotes form (PM304500) in the Project Address section (see the screenshot below). This will preserve the address and it will be carried on to the project.