This is what I have.
I have a vertical compression anamorphic lens in front of my Optoma HD70 PJ on a hinge.
When I want to watch 2.35:1 movies, I just pop the anamorphic lens in place, select the LBX mode on the PJ which vertically stretches the image which removes the black top and bottom borders and the lens vertically squeezes the image to the correct aspect ratio.
When I want to watch standard 16:9 movies, I just unhinge my anamorphic lens, select 16:9 mode on the PJ and i've done.
Hope this helps.