Change post title placeholder text for custom post type

gistfile1.php

<?php
/**
 * Change post title placeholder text for custom post type
 *
 * @author Jared Atchison
 * @link http://jaredatchison.com/code/
 * @global array $post
 * @param string $translation
 * @return string Customized string for title
 */
function ja_title_placeholder( $translation ) {
	global $post;
	if ( isset( $post ) ) {
		switch( $post->post_type ){
			case 'portfolio' :
				if ( $translation == 'Enter title here' ) return 'Enter Project Name Here';
				break;
		}
	}
	return $translation;
}
add_action( 'gettext', 'ja_title_placeholder' );