The most current version of the projection material allows for local or world space mapping (no heightmap based displacement on the local one though), wood grain type noise, and a rudimentary system for determining the projection direction. Instead of just being based on the XY or YZ planes you specify a rotation amount which is stored in the red and green channels of a vector. I’ll make a vid about the usage of the material soon.
https://dl.dropboxusercontent.com/u/9194933/Unreal/ProjectionMaterials.7z