MattZani - there are 'Black Box' solutions that may enable you to retain your non HDCP display; though they cost 175.00 GBP upwards.
abs - what your trying to achieve seems pretty simple but is actually quite tricky.
Your AV Receiver will most likely require you to have an active Display attached to its HDMI Output before it will allow you to access the 5.1 audio on any of its HDMI Inputs.
The AV Receiver will need to be a HDMI 'Repeater' device if you want to access the 5.1 Audio over HDMI when the attached Display is a 2.0 device.
As the AV Receiver is an HDMI Repeater lots of HDMI Distribution amps will not work as expected in your set up if you place them before the AV Receiver.
The following may work - assuming you don't require the 5.1 audio when viewing on the LCD TV and you find an HDMI Distribution amp that works in your system:
Source > HDMI Distribution Amp
HDMI Distribution Amp Output 01 > AV Receiver > Projector
HDMI Distribution Amp Output 02 > LCD TV
The Octava HDS32-UK 'Cross Switch' will likely work in the above set up - see http://www.octavainc.com/HDMI switch 3x2 port.html
If you want the 5.1 audio when viewing on either Display device you will need to connect the system as follows:
Source > AV Receiver > HDMI Distribution Amp
HDMI Distribution Amp Output 01 > LCD TV
HDMI Distribution Amp Output 02 > Projector
If you want a tried and tested HDMI Distribution amp have a look at the Gefen EXT-HDMI-142 - see http://www.gefen.com/kvm/product.jsp?prod_id=2514