How hard would texture projection be from the reference image menu?

How hard would it be to add a “project image” button to the reference image menu. This would be a very useful feature. If I could adjust the overlay to control the intensity and just project a texture I could do faces and all sorts of things.

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Something I was thinking of and asked for before. Reference image has most transform functions needed. Could be just a tick in texture menu.

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Upvote!
I agree and would see many usecases, a bit like in 3DCoat