Portfolio Type dependent Item Types

Hi,
Is there a way in which we can restrict the item types to a particular portfolio type?
During the creation of an item, the item types relevant for that portfolio type should only be displayed for selection.
Please let me know on how to achieve this.
Thanks in advance.
Priyatham

Also,  just a heads-up:
If you enable this feature while rendering obsolete any older Item Types, the "Item Type" field in the Item Details screen of older Items will display its Code and not its Text values.  Not to worry though if the Items are closed or in final state (and no longer require modification), as the Item Dashboard will still show textual values regardless of portfolio-specific settings.
Crisis averted there.
True scenario:
I made this change fairly recently along with modifying Project Templates.  The requirement was to change template/standard project structures, and I thought it best practice to retain and simply "Flag as Obsolete" any older templates.  The major change in the template was that the the number of Phases in the new template are now less than the template to be retired.  Some projects were already in-flight and we could not simply reuse the old Item Types (and modify their DPs) as while testing I found that the deleted DPs would:
Display in the UI with their code values  (like 'ZDP001')
Disallow status updates, and
Automatically set the "Active DP" flag for the deleted DP, within items with final DP set to final status.  (i.e. project is ready to close)
The result was that Items couldn't be closed properly!  Either way, the above approach caused data inconsistencies so it was unacceptable.  Hence, this would be one practical reason to maintain portfolio-dependent item types
Just for reference, here's what the configuration looked like, with Portfolio-Dependent Settings and default/Permitted Item Types:
Portfolio-Dependent Item Types:
Default Templates:  (shows obsolete Item Type codes)
Item Type field displayed as code in Item Details: 
(Note:  In standard, this field is set to Read-Only, but for the sake of illustration I'm showing you the valid item types in the dropdown --- and it does NOT include the obsolete Item Type 'Z001')
Solution:
Implement the following OSS Note:
Note 1953807 - Item Type ID is displayed in Item Overview
I hope this helps you get out of a pickle, before your users even get to that state.
- Lawrence

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