The point I was trying to make in my earlier post is that a BD player update shouldn't change the HDMI stream, including the basic way the HDCP functions. If your BD player/projector played a disk (lets say one made in 2009), it should still play that disk because there wouldn't be any new "version" of HDCP for that disk just because it's 2012. As you mention, the problem is most likely a failure in your projector - read on. The person that told you your projector "can't do HDCP decryption" is full of baloney because it has been and does - it's just losing the handshake intermittently. HDCP makes use of a code the projector sends to the source device which verifies your projector is an HDCP enabled device. If your projector works intermittently, it's still recognized by the source device and HDCP must be working for that to happen. There is some other handshake problem taking place or the projector is dropping the EDID code for some reason.
Try this as a last resort: Connect your Panasonic BD player to your projector (forget the Samsung - take it out of the equation), and get a power inserter. .........
http://www.yourcablehookup.com/cables-rapidrunreg-digital-hdmireg-voltage-inserter-42223-p-22224.html .......
By the way, I did purchase this, but no help. I also tried newly purchased HDMI cable, certified for highspeed, without luck. I was thinking about HDfury option, but if my projector is capable of HDCP, why go that route? So I have put HDfury option on the shelf.