Is it possible to populate the project name field with information that follows a preset pattern

I have a client that is getting ready to implement Project Server 2010. They currently use project names like the following:

CH1-2012-101 Migrate Server

The first three characters are assigned by the group that reviews proposals. The year is automatically assigned. The "101" needs to be an automatically incrementing number.  The text comes from a project proposal form.

Is it possible to automatically build the Project Name column so that it follows this pattern?  Would this require custom code, or is there some provision with custom fields and workflows that will accomodate this?

Thanks in advance for your help.

Mike