Yes, two projects (not sure about different processes?). The Sound of The Smiths was released on 10th November. In Johnny's interview he says about further releases "I don't know, there's a Singles Box coming out...I'd like for all the regular albums to sound right. It's well overdue. I think the Albums are coming out but there's not a whole load of unreleased old material or anything". He also said that he worked with Frank Arkwright on the Sound of The Smiths.....no mention of Street.
Streets' diary entry was after Sound of the Smiths was released, if that's anything to go by, and it at least appears to suggest that remastering the albums was after the release of SoTS. It seems to me a bit odd to go remastering all the singles and b-sides separately from the albums though.
I don't know much about the technicalities of what went on, but what Marr and Street have said seem strangely at odds:
Street: "The other good thing was that the tapes sounded great and did not need major EQ-ing at all."
Marr: "Frank and I actually took a load of crappy EQ off it and tried to get it to sound like it did in the studio, which we've succeeded in doing"