I don't believe so. VGA is RGB and YPrPb is luminance, R-Y and B-Y. There is another hi-def standard that is slightly different. It might be called YCrBr. I don't know the exact difference in the signals but when I see a Y at the front I suspect it's also monochrome plus difference format.
I could build a matrixing circuit to convert it to true RGB, but I can't do anything about the scan frequencies. Standard progressive scan from a DVD should be 31.5 Khz by 59.97 Hz. That would produce a raster with 480 usable lines scanned progressively.
If it has an internal scan converter that can handle this timing, the other issue might be the native resolution of the projector. If it's not a multiple of 480 you might have artifacts. Best would be 960, 1440 or 1920 pixels vertical resolution.
If it allows for manual scaling you might get it to look good with other resolutions by not using the entire "screen".
With all this, it's probably not worth persuing.
Gotta go.
JURB