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There are two ways of splitting a long project into two shorter ones, one slow but safe and one fast but a bit prone to user errors.

The slow but safe way

1. Quit iMovie.
2. In the Finder, duplicate the entire project folder.
3. Rename the projects by adding "part 1" and "part 2" to the name of the project FILE, respectively.
4. Now delete the unwanted parts of the movie from each part of the project.
5. Optional: Add titles "Intermission" or "End of part one" and "My movie, part 2".

The fast but dangerous way

1. Do NOT save.
2. Select the UN-wanted parts of the movie. Select "Cut" in the "Edit" menu, once and only once.
3. Do NOT save, Copy or Cut.
4. Optional: Add titles "Intermission" or "End of part one"
5. Do NOT save, Copy or Cut.
6. Export to QuickTime or camera.
7. Do NOT save, Copy or Cut.
8. Quit iMovie, do NOT save when asked to.

Re-open the project and start over with the other part(s) of the movie, with optional title "My Movie, part 2"