The correct way to do this is with boto profiles.
You should have a 'credentials' file in your $HOME/.aws directory, and it should look something like this:
[default]
aws_access_key_id = YOUR_AWS_ACCESS_KEY_ID
aws_secret_access_key = YOUR_AWS_SECRET_ACCESS_KEY
[project1]
aws_access_key_id = ANOTHER_AWS_ACCESS_KEY_ID
aws_secret_access_key = ANOTHER_AWS_SECRET_ACCESS_KEY
Then, when it is time to run your playbook, you do something like:
ansible-playbook PLAYBOOK.yml --profile project1
ansible-playbook ANOTHERPLAYBOOK.yml --profile default
Hope that helps!