I don't think it is possible with actions.
However, we can use the following approach:
1. Create a string attribute and mark it as "Enter Once" from Fields
2. Create a custom process that triggers on creation of a new instance
a. In this custom process, determine the Instance ID using ${gel_objectInstanceId} tag
b. Write a SQL to fetch information about the parent Project on which this custom instance is being created
c. Using the above info, do a XOG, and update the attribute created in Step 1 with the URL to navigate to New Issues create page
3. The New Issues create page URL should take a format like this: http://<Host Name>/niku/nu#action:itl.issueList&id=5017001&ui.page.space=mainnav.work
The SQL that you can make use of in step 2b will look like this (This SQL is for SQL Server):
select occ.id, occ.name, occ.code, occ.odf_parent_id,
concat('http://<Host Name>/niku/nu#action:itl.issueList&id=',odf_parent_id,'&ui.page.space=mainnav.work') b,
ii.code pCode
from odf_ca_comobj occ
join inv_investments ii on ii.id = occ.odf_parent_id
where occ.id = ${gel_objectInstanceId}
A screenshot of how a sample implementation of this approach looks to me: