Blender doesn't exactly have a world UV coordinate system (far as I know), at least not like Hammer does. So the problem there is what to transform the face's UV from, since Blender doesn't give you a reliable starting place.
What I tried, and which does something similar I believe, is to move the camera in to a location that directly aims at the face, rather than staying in the world origin. That way it more closely replicates this behaviour. But it still isn't accurate...
...since even face projection still takes into account the world location. Maybe what you're suggesting is using this texture projection and offsetting from that based on the world location of the face?