Re-importing is your best bet. (I have been down that cul-de-sac.)
There is no automatic conversion of Albums to Projects, or vice versa.
Depending on how you've structured your Library, you might find some use of the "Duplicate Project Structure" feature.
Message was edited by: Kirby Krieger
Depends on how much work it all needs to be.
You can create an Album. the export>Album as Library,
Then reimport that 'new' library, and use the Add box, not the Merge.
You'll get a competley new project, with separate images and your old Album will still be in the library.
Now I suspect I have missed something in the process, and don't think you would want to do this more than once or twice before the fun went out of it.
But it is possible.
On another note, it is possible to select the images across many projects and make an album of those images. Then they would all be together and you could use manual sort to figure out the correct sequence.
Oh the possibilities.