Figured it out, adding the code that worked for me in case this can help someone else.
/**
* Use ACF custom field to set post author for Project CPT
*/
add_action( 'acf/save_post', 'project_author_save_post', 20 );
function project_author_save_post( $post_id ) {
$project_owner = get_field( 'project_owner', $post_id );
if($project_owner) {
$link = get_post_meta( $project_owner->ID, 'user_link', true );
}
if($link) {
wp_update_post( array( 'ID'=>$post_id, 'post_author'=>$link['ID']));
}
}