This is a available. Check out the Runco projectors with the Cinewide option. This is exactly what they are trying to do.
From what I have read though, the jury is still out on whether or not you benefit from this option. I think with a good projector, scaler, and an ISCO III lense you will have as good or better quality as some of the cheaper Runco projectors that cost significantly more. This is not first hand experience though.