If you want to send live camera direct to a projector use a video mixer, you can use a matrix as well so you can still have the input in Isadora, otherwise you will get a big delay. Most video mixers can do a PIP composite also.
You can get delay at every point of your system, many non pro cameras have a delay before they even output the image, your capture card will have a delay and your compositing will add a delay and your projector will also add a delay. Without a ton of pro gear you will get a delay, big pro projectors also have a big delay. If you are in a big space you can delay the audio to match (if it is not too much- ie just compensating for a projector, not a whole chain of delays). I have dealt with this problem many times and a video mixer is the way (There are things you can do to minimise the delay if you have to go through a computer, but Isadora does not give you so many options, mostly getting the fastest possible hardware and then programming your video effects in something super fast like pure opengl or openCL). Check this thread for an explanation of how to measure your delay precisely. http://troikatronix.com/troikatronixforum/discussion/comment/5880#Comment_5880 Fred