Any textures and music that work in Brawl will also work in Project M. Model imports, rigs and whatnot, may follow a different procedure. I'm not sure; that's not really where my interests lie, so perhaps someone else can address that aspect in more detail. Just keep in mind that not everything that is compatible with Project M will specifically point out that it's "Project M compatible." After all, they're all mods for the same game really, it's just Project M is... a very big mod, or rather a lot of them used together.
Sometimes it's not a simple matter of something strictly working or not. Sometimes it's just a matter things being specifically developed to work well with Project M. In other words, it doesn't necessarily mean it won't work in Brawl, but since the gameplay is different between the two, sometimes things are made to better suit one over the other.
For future reference, because this thread is asking for help in multiple areas of Brawl modding as opposed to asking specifically about texturing (which is what this area is for), you should post this sort of thing in the
help section.