I think you can get the 5030 to work with a 2.35 screen. It's just that if you plan to switch between the 2 ratios then you have to do it manually which can (from what I hear) be a bit of a pain. So maybe someone that has this PJ can correct me if i'm wrong but if your going to just leave it for 2.35 then you could still use the 5030. For me money is a big factor and I'd like the best picture for my buck here so that is why I am leaning toward this PJ.
Switching manually takes about 30 seconds if you can easily reach the projector. The lens shift controls aren't as bad as I expected given some reports. I much prefer a 2.35;1 screen, but I probably wouldn't want to switch several times a night (e.g. to watch 16:9 extras when the movie was 2.35:1). But I hardly ever watch extras, and I can live with menus that overflow the screen.
What Epson should do is add a 0.75x digital zoom mode, then you can leave the lens zoomed for 2.35:1 and with one button press scale down the image for menus and extras (and TV or 16:9 movies if you don't mind losing a bit of resolution). It would be such an easy addition, and they could then claim to have all the convenience of a lens memory without actually implementing it.
A video processor can do the downscale but adds a lot of cost. Some BD players like the Oppo claim to do it, but in reality the zoom feature is disabled on many Blu-rays.