Archiving Projects

Archiving Projects

Hi

I have a Form which is my 'Projects List' I can create and Manage my projects but once the project has completed its lifecycle I would like to 'Archive' that project(Record), 

I have seen posts on how to move the record from one view and add it to another but if i do that would'nt my lookup fields in my forms still see the record as its still using the underlying Data?

Should I just create a separate form with all the same tabs and then create a task that would move from one to the other? is this possible? 

Thanks in Advance