If you "sit on the timeslip layout", when you create a new timeslip you will have to choose an employee and a project.
If you sit on the employee or on the project layouts and create a new timeslip, you will already know one of the two.
Normally I would start from the employee layout, hit a "new timeslip" button, be asked to pick the project from a popover holding a list of all projects in a cartesian portal and go on entering the timeslip data. TBH, a timeslip layout might not even be needed (except for reporting).
In this case, we would still need a dynamic list. When I select the project name, I want it to show the Name and Location
once you have established what the projectID is you can display ANY field from the project table in the timesleep.
In the project selection portal you can put ANY number of fields from the Project table, not only the name, and have a transparent button over all the fields to do the selection.