What is the procedure for deleting a project in drupal.org? I created a project in drupal.org but decided that a better name would better suit the project, so I created another one. I need to delete the old project.

What is the official procedure to delete the old project node?
If your project contains code usually it is not deleted. In that case, you can select as Project classification Unsupported and as a Development status Obsolete.

You can always create a post in the Drupal.org webmasters issue queue explaining your situation and requesting the project deletion.

But I can tell you that if you have people using your module, they will not delete the project.