In case anybody is interested, my new LG UBK80, a 4K UHD Blu-ray player, comes with subtitle shifting capabilities. It should be noted that it is a modified player, to be capable of switching region code, but the seller claims this to be a hardware mod only, not a firmware mod, and made no mention of the firmware on the player to be different than on the regular players, nor of anything special being done to subtitle handling on the player, so I expect the feature to present on regular, unmodified players as well.
I was fearing that I would have to get used to a life without subtitle shift when my old Panasonic player started to act up on me, as none of the players I looked at made any mention of having this capabilities, nor did any of the sellers I contacted know of any players in their assortment with that capability, so I was pleasantly surprised when I found that the LG had that capability despite not being mentioned anywhere.
I, however, use it differently than you guys. I also have a projector and screen, but not a 2.35:1 one, so I use it not to shift subtitles up onto the picture in 2.35:1 movies, but to shift them down to the bottom of the screen in 16:9 and 4:3 content, as I find the normal subtitle position often to be a bit too high, and sometimes intrusive to the action on the screen.
In case anybody cares; the LG shifting capability is not as nuanced and precise as Panasonic's was, for those familiar with those. On the Panasonic I would usually shift subtitles down by -5 to -11 steps, based on the disc, on the LG the same discs come in between -1 to -3 steps, so each step is significantly larger.