Project Server - Installing onto one server in a Farm

Hello,

We currently have a SharePoint Farm with 2 Web Servers, 2 Application servers and one database server.

I have been looking into the requirements for installing Project Server 2010. It appears from what I have read I have two options, install on every server in the farm or create a standalone farm for just Project Server.

However, is it possible to install Project Server onto a new SharePoint server, add it to the farm and then use DNS to point to 'http:// project / pwa' at the new servers IP address?

Thanks for your time.

Chris