Even if you created a dummy project referencing lib.dll (for example, project.dll), you still have to add a link to that dll in all your other projects in the solution, so that you will be in the same situation, just with a different assembly.
One more note: if in the future different versions for lib.dll are released, and different projects refer to different versions for this DLL, then you may not even want to do what you are describing, because you will only reference one version of the dll that would be wrong anyway.
What I usually do to consolidate frameworks or libraries, stores them in a shared folder and links to them (for example, in the Links folder or something like that). I also have my team mimicking the same folder structure. We have that checked in our repository as well as all links are good. If we change, we need to change the dll, then we just check the file, overwrite it, put it back and reinstall the solution.
source share