You are on exactly the right path. Simply create a new table called Notes and add a field to that table for Note and really that's about it. Then make a relationship where one project as many notes.
When you make the relationship with the system will automatically make an Add Note button for you and it will also create a report Link field to put on your Projects form for an embedded report of notes.
On the Form Orooertues. Report link field, you can set it so the embedded table of notes displays directly on the project record. And then you can make a report which lists the note field and the record owner field and the Date Modified to show who created the date and when and use that report on the form.
That was a pretty brief explanation of how to build a relationship supposed back if you have any questions or use the help button to look for help on relationships.
