^I don't own this unit, yet, but by my read of the on line manual, the answer is "yes" with some minor provisions. Some people in the SR7005 thread ( the receiver version of this device) have mentioned having issues with this feature working as stated however. The feature in this unit, at least, is called "video select".
-All devices must be hooked up simultaneously with both HDMI and component so they can run parallel through the AV7005. It will not convert HDMI down to component for you, a very rare feature in receivers, if you didn't already know that. [Although outboard devices like the HDFury (2) will do that and may be a good option for you; you may want to look into that path, effectively giving your projector an HDMI in.]
-Only 4 sources maximum will work in this way since there are only 4 component ins, which will need to be assigned to the proper HDMI sources you use for sound.
-I don't think you'll get any video processing done; the unit will be messing around with the video of the HDMI signal it sees. The unit will be acting as a component switcher only ("pass through") with no scaling, resolution changing, video adjustments, etc.
-You may need to select "video conversion off" for this to work.
That's my read but don't hold me to it.
Another possible work around if the alternative video select is messed up as others suggest in the SR7005 thread (but a firmware fix may very well come along, but when?) is to use the zone 2 component out as your actual main room video feed. Again, parallel component wiring would be necessary since there is no down conversion from HDMI.
In A/V reproduction accuracy, there is no concept of "accounting for taste". We don't "pick" the level of bass, etc., any more than we pick the ending of a play. High fidelity means an unmodified, neutral, exact copy (or "reproduction") of the original artist's tonal balance, timing, dynamics, etc..