Wouldn't I need the Fury II Basic Kit? HDMI to VGA with the audio split out?
Here's the projector...its an old one now, but its a high quality, made in Japan projector and I'd like to keep using it.
Epson Projectors: Epson PowerLite 703c 3 LCD projector
We use it to play xbox outside on the house on weekends during the summer...lots of fun! (The lines are from the siding...after about 5 mins of playing, your eyes/brain don't see them anymore.)
Not bad specs for a older projector, as long as you can output your Xbox 360 in 720p and see the image, you should have no issues with the xbox one.
The HDfury would solve your HDCP problems with the VGA in but, it does not do audio as I remember (and you will need a DVI to HDMI adapter). This is the cheapest route for you (I think it's $99). The HDfury 2 would do that as well with analog/2.0 digital audio (with a hack, it can output 5.1). If you want to pull the Audio from HDMI and just put it in your projector or speakers, then the HDfury 2 is what you want (unless you plan on pulling it directy from the Xbox one). Just remember when you setup your Xbox one or 360, set the audio to Stereo (2.0) as you might not get anything if you push 5.1 down the HDMI.
You also get to be able to use Component video out of the HDfury2 (VGA or component, there is a switch), that the HDfury CAN NOT DO.
Check on ebay, there was a few HDfury2's on there, you might be able to get a deal on one...
BTW, I also have a 720p older projector, I do the side of the house thing too, in the summer we have a movie night with some friends but, after the movie is over, it's all about the games