As a process, Project metadata custom fields/lookup table should be updated by Administrators or someone having permissions of "Manage Enterprise Custom Fields". If you want PM should be able to update the Lookup value if the value which is not there, It would
require a custom deveopment on PDP page. In your customized PDP page, they can select any value such as "NA" & you have a text box which is mandatory once PM selects the "NA", the suggested value will be taken from text box & PSI -Lookuptable web services
will be call to update the lookup table.
Alternatively, You can have the UI to update the lookup table which PM can use if they don't see the desired value.
I would suggest to setup the process instead of customized solution in this case. As it doesn't show major benefits.
Hope that helps.
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Marked As Answer byMsSPJFriday, 15 June, 2012 9:15 AM