I doubt you would be able to notice even the slightest difference after putting in the effort. You’re beneath the projector and there’s nothing between it and you to impede that noise, so an enclosure is your best bet.
If you go the route of an enclosure and still find the noise to be bothersome, you could line the inside of the box with some thin foam to add some dampening, perhaps something like a closed-cell neoprene. And of course, the enclosure would have to be sized and ventilated properly to keep the projector from overheating.
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