I will mask the screen using ordinary curtain track (covered in velvet) and velvet curtains to go from cinemascope to 16:9. The area for a 16:9 screen masked down to 2.35:1 (bars at top and bottome) gives roughly the same area as a 2.35:1 screen masked sideways for 16:9, except that the 2.35:1 image goes wider just like in a cinema. My screen is a DIY job with Draper M1300 1.3 (closer to 1.25) gain material. Cost was around £100
Pass through is what the Prismasonic lenses have - they have two adjustable prisms to stretch the 16:9 image wider to make 2.35:1. You can readjust the lens so that the image passes straight through the lens untouched for 16:9 (or you can do it in software and not notice the difference with DVD/SD source material). The lenses can be bought here:
www.prismasonic.com.
They can be quite expensive, so ideally you need to see a set-up or be convinced it's the right way to go before you buy. Prismasonic do a 14 moneyback guarentee to I guess that's one way to try it. The lense works best with pjs that have 2:1 throw, and my Optoma H78 is just on the limit of being able to work with the lense. Having it's own lense recessed means the outer edges are slightly dimmer than the rest of the image, though you'd never notice it.
HTH
Gary.