So, I spent a few hours tweaking and watching. I re-inserted my DVDO Duo as well (with the idea to use it for calibration eventually) and tried using it for squeezing the image vs. the projector.
First I re-centered the projector and focused for 1.78:1 with a slight spill onto the borders. Then I used the AVS 709 disc's 2.35 grid as a guide for adjustment of the lens. I found I could turn the focusing (on the lens) and make the image slightly bigger or smaller as desired. I figured I could try zooming and cropping the image with the Duo for slightly wider films to eliminate the bars below, but it wasn't really a big deal with what I watched.
I didn't find there to be a large difference (if any) visually from my seating distance between the squeeze in the projector vs. the Duo.
Next I tried watching a few minutes back and forth between the image with the lens in place vs. the projector zoomed. I didn't find there to be much difference (aside from the hassle with my projector which does not have preset memories).
Since my room is not a "batcave" there really wasn't visible spill below the screen--this was a concern for me before I tried it.
I think the sensible thing to do for me is to sell the lens and sled, sell the projector and upgrade to a newer model that I can just zoom. Less gear, less complication and adjustment for me initially and most importantly the chance to have a newer model with e-shift, more light output and hopefully a better image. I'm thinking this will hold me over for a few years until 4k (or whatever) makes a dent.
Thanks for all the advice and help.
What is a reasonable price to ask for the lens + sled?