Client wants a master schedule integrated into an existing sharepoint site. Would project server be the best way to go about this? SharePoint server 2010.
If by master schedule you actually think "global resource calendar(-s)" - than yes, Project Server integration with SharePoint 2010 could help you achieve that, but in the context of managing projects - you shouldn't install & configure it just for the "global calendar" - rather use Exchange calendars.
If on the other hand you only need to simulate a global calendar, SharePoint could allow you to do so in many ways, e.g. calendar overlays (up to 10 calendars), global calendars with custom web parts, etc.