If the code is stable then sure, you can format and set it up as a lib. This way when an addon needs it they can copy the file out for their use.
-If the code is unstable, then no.. it would not be viable w/o setting it up as a project really.
However having something as limited as this having own project here? No, that would be a bit much. Limited meaning only 1 or 2 addons will ever use it at one time for a given UI Setup.