You're thinking backwards about this. On anything other than a CRT you want to be running at the display's native resolution rather than the games resolution - and then feed it a well scaled image.
Any projector has a native resolution. Your PC needs to be set to this native resolution, and then GroovyMAME needs to apply unfiltered integer stretching.
It's exactly the same thing you'd do with a flat screen display.
The only trouble is that SF2 doesn't have square pixels, so your image is going to appear flattened.
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