launchTime can be set to a value < block.timestamp, and so refundDeadline as well in initProject(). Although,  launchTime is validated against the project.end value in ILOManager::initILOPool() and against the vesting start in ILOVest::_validateVestSchedule().
Also, refundDeadline can overflow (as Solidity v0.7.6 is used), so a launchTime can be set into the far future, and overflow refundDeadline to be in the past.
https://github.com/code-423n4/2024-06-vultisig/blob/main/src/ILOManager.sol#L58
Validate that the launch time is in the future and that the refund deadline doesnt overflow.
