Don't do bug tracking, time tracking, iterations? You can easily switch off the practices.
Some teams use Bugs, some teams use Defects. Use any term you want.
Any project can have a unique development flow. That's the core of TargetProcess. Setup flows and work with them.
Keep any data for any entities with custom fields.
If you have many teams with their multiple projects, you can set up unique flows for every team and project. Flow Setup is really flexible: you can define states, possible transitions between them and roles responsible for each state. You can also create custom flows for User Stories, Bugs, Features and Tasks.
Do you do Time Tracking? Make sure the Time Tracking box is checked. Or maybe your team doesn't track time? Clear the check box and make your UI simpler. You can enable only the development practices you use and disable the rest. Just check or uncheck the boxes.
Some teams use the word Sprint, some teams prefer the word Iteration. Some teams operate with Bugs, some with Defects. Flexible terminology is really important to make the most of an agile PM tool. With the terms that are familiar, you feel that the tool is familiar as well; otherwise, it looks foreign.
For some projects, you want to know which browser is used, so you set up the Browser custom field for Bugs. For some you don't. Custom Fields in TargetProcess are process-specific, so you can have any custom fields in any project for all the entities, such as User Stories, Releases, Sprints, Builds, Tasks, Test Cases, etc.
