Hello :).
Unfortunately the answer is ‘no’, it wouldn’t work because the assets from another project wouldn’t be “cooked” and embedded into your level files.
[There’s a big difference between the assets you see from the editor, and the actual final cooked assets that are packaged up in distribution formats. Most of the modules needed to even process the data aren’t available (they’re either ‘editor’ or ‘uncooked’ module types.)]
What you want is this:
But I don’t know that there’s been any activity on that in a long time nor if it’s still relevant nor if it’s been superseded by something else. It’s also not trivial. Wish I could help more 
!