Post Processing logic on Clicking Save button in Pick related Window on a relationship Tab

We have a Requirement as Following . We have a list of Master Exam list (around 500 Items) . When I go to a Project, I need to perform a subset of exams (e.g 100) out of 500 Master list .For that When I go to Project > Exam Tab>Click on Pick Related , my search screen is showing the list of 500 Master list. After selecting few, when I Click on Save(Green tick) , I would like to create an instance of those selected Master list with different Item Types and connect it to my Project.

Example :
I have Master Exam List
MEL 0000001
MEL 0000002
MEL 0000003

On Project P1> Exam tab > I click on Pick Related .Search screen showing MEL 000001-003 . I select MEL 000001 and 000002 and Click on Save. What I want system to do is create 2 new objects with Item type Project Exam List like

PEL 0000001
PEL 0000002
PEL 0000003

PEL objects should have copied all attributes from Corresponding Source MEL objects.

Is this king of Post Processing logic possible after clicking on save ? If Yes, can someone guide us through the steps?