Hall --
Yes, here's how to do it. The first project manager creates the project,
saves it in the the Project Server database, and then clicks Collaborate -
Publish - All Information. The act of saving the project makes the first PM
the official Owner of the project, and there can only be one Owner per
project. The act of publishing the project makes the first PM the official
Manager of every task assignment in the project. The first PM closes the
project.
The second manager opens the project, selects the tasks that he/she will
manager, and then clicks Collaborate - Publish - Republish Assignments. In
the Republish Assignments dialog, the second PM selects the "Selected tasks"
item from the pick list at the top of the dialog, selects the "Become the
manager for these assignments" option, and clicks OK. The second manager is
now the official Manager for only his/her tasks, while the first PM is still
the Manager for the remainder of the tasks in the project. Project Server
will automatically direct all task updates to the correct PM.
Hope this helps.