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Honestly you're better off buying a new projector that has an HDMI port. Part of it is because then the content will be displayed in HD and the other part is that while you may find a converter that says it does HDMI to S-Video, in more that 80% of the cases it won't work for you. Why? HDMI has this feature called HDCP, which is an encryption system that encrypts the HDMI connection. Most of the HDMI to s-Video converters would require that the HDMI signal be sent without HDCP which won't happen for any bluray.
There are some things that strip HDCP but they can be iffy as to how well they work and THEN you have to go buy a converter box. In short to actually do it right is going to be quite a bit more expensive than you think. You're better off buying a new projector if that's what you want to use rather than trying to jury rig a solution.
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"Political correctness is a doctrine, fostered by a delusional, illogical minority, and rabidly promoted by an unscrupulous mainstream media, which holds forth the proposition that it is entirely possible to pick up a t*rd by the clean end"
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