Microsoft Project 2007 requires product activation via a unique key tied to the machine's hardware hash. A "portable" version would need to bypass or emulate this activation on every new USB host—a clear violation of Microsoft’s EULA.

Here are a few "interesting" papers and guides that cover the functional and technical aspects you might be looking for: 1. Functional Evolution & Technical Whitepapers

Here is where the feature gets gritty. Microsoft never released an official "Portable" version of Project 2007. What exists on the internet—the files lurking on file-sharing forums and obscure "warez" repositories—are unauthorized modifications.

Not worth the hassle. The cloud option is simpler.