Your biggest problem is going to be “lip flap” associated with video delays at every point in your processing path. First of all you can use any composite video source as a gunlock source. You can use an old out of date camera or video source. Just route through a distribution amp to each device. This will prevent up to 2 frames of delay just in the synchronizing effort. Secondly you will have inherent delay in the switcher. Don’t know the specs for you switcher so I would proceed cautiously.
The biggest source of delay can be your projector. Manufacturers place very slow processors in them for conversion to their native display resolution and scan rate. You will want to send the picture to the projector which matches the display characteristics of that projector. Even then you will likely incur anywhere from 2 to 7 frames of delay.
You can minimize this by locating the imag screen as far from the speaker as possible so that an audience member does not have live and projected images in the same line of sight. The worst scenario is the imag behind the speaker. You will find that 3-5 frames is only noticeable to experts, 6 is visible to everyone if it is pointed out to them, and 7 of more is visible and annoying to everyone. You can adjust the audio in the room to offset some of the effect, however more that 1 frame (33ms) becomes noticeable to the speaker as delay. More that 1 frame typically just does not work. If you have delay speakers because of the room size you can increase the delay on those speakers, because the further back in the room, the more likely a participant can see the screen and the speaker simultaneously.
I would recommend running the cameras in HD and genlocking the cameras and switcher. Most likely your projector will be 1024 x 768 native which is 4:3 aspect ratio. That is most common with image. No matter which size screen you happen to have, just overproject so the screen is full size.
Sorry for the rambling reply, but I have lived this many times. Just ask if you would like any further advice.
My $.02 worth
Jim Brown
M&M ProductionsUSA