The Project tool in ArcToolbox returns the error message, "ERROR 000365 Invalid Geographic Transformation" when a custom National Transformation version 2 (NTv2) transformation is applied.
Tested in ArcMap 10.8.1 and ArcGIS Pro 2.8. The issue is not reproducible in both ArcMap and ArcGIS Pro.
解决办法
Use the Copy Features geoprocessing tool, and set the environment variable output coordinate system to the target geographic coordinate system (GCS) or projected coordinate systems (PCS).
To define the geographic transformation, copy the name of the custom transformation's GTF file (XXXXXXX from XXXXXXX.gtf), and manually insert the name.