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The answer is yes. Given any projective module $P$ over $S^{-1}A$, where $A=\mathbb{Z}[t]$ (and works for many other rings too), it is the localization $S^{-1}M$ of a projective module over $A$. The reason is, you can always find such a finitely generated module $M$ with $S^{-1}M=P$, but you may replace $M$ with its double dual without affecting the localization, but any reflexive module over $A$ is projective (and thus free, by Seshadri's theorem, which precedes Quillen-Suslin by many years).