The properties of the projection operators are defined as:
$$P_+ = \frac{1}{2}(1+\gamma^5)$$ $$P_- = \frac{1}{2}(1-\gamma^5)$$
where $\gamma^5 = -i\gamma^0\gamma^1\gamma^2\gamma^3$
and their key properties are that $P_+^2 = P_+, P_+P_- = 1, P_-^2 = P_-$.
But since $\gamma^0$ has the same property as $\gamma^5$ that ${\gamma^0}^2=1$, if we replaced $\gamma^5$ with $\gamma^0$ in the definition of the projection operators, the newly defined projection operators would also satisfy all the key properties. And it's not like ${\gamma^0}^2=1$ is basis dependent; to show that ${\gamma^5}^2=1$ we actually need to make use of that fact. Why do we then bother to define $\gamma^5$ at all if we could use $\gamma^0$ to define the projection operators?