This sounds what big companies or a disorganized company would need. For an efficient enough company, a project like this needs just one or two dedicated engineers.
In fact, I can't imagine why this project needs a PM at all. The database is used by engineers and is built by engineers. Engineers should be their own PMs. It's like we need a PM for a programming language, but no, the compiler writer must be the language designer and must use the the language. Those who do not use a product or do not have in-depth knowledge in the the domain should not be the PM of the product.