I've worked with quite a few organizations that use Scrum like this and I've coached some of those teams, however, none call it "Project-based Scrum".
I would highly recommend that you look at the Scrum Guide. It is fairly short and will tell you what is and isn't Scrum. While you will probably get a lot of the benefits, there are a couple challenges you will most definitely face with the points you've provided and a few that you may face in this sort of circumstance.
1) Having a team lead head and select a team nearly always interferes with self-organization. An expert-style leader inhibits self-organization and since most team leads have a high level of technical knowledge and little, if any, leadership training, they predominantly use expert-style leadership.
2) Product Ownership is hard. It sounds like you will have people with the job title of Product Manager in the Product Owner role. Being asked to do this for multiple teams is very, very difficult and demanding. There just aren't enough hours in the day to do a good job.
3) Hopefully #2 means each project will have its own cross-functional, dedicated team. This is ideal. One of the challenges with these project based teams is that often times there is spill-over from old projects and then team members get pulled back to old work. You can, to a degree, mitigate this by bringing hold-over work to the new team, but then it will impact the new project. It gets a little tricky. The general advise is to bring a new project to an existing team rather than reforming, but it doesn't sound like your organization wants to take that route.
4) Tuckman's model of team forming tells us that every team goes through a series of phases: Forming, Storming, Norming, Performing. We also know from research by Katzenbach and Smith that teams have a baseline productivity that dips in the early stages of team formation. This dip is usually made up for by the extra productivity a team gains in late stages. However, this process usually takes months or years. Constantly forming and reforming teams will likely result in a situation where the productivity of the teams will always be lower than the sum of their individual output.
5) The big benefit to the organization of Scrum and Agile is that they can pivot with new learnings. Many companies who take this project-based Scrum approach keep to fixed-scope projects with all of the work decided up-front. This means that the workers get a lot of benefits that they normally enjoy with Scrum as far as a more organized and sustainable work environment, closer relationships to coworkers, high levels of success celebration etc. However, the organization rarely realizes any significant value from the change.