To be clear I am not putting this into the World material. Instead I am projecting a 3d image from a locator onto the geo surrounding it. I have had success in lining everything up when using an Environment texture with the location set to the camera location. I split this environment image into multiple layers with alphas. The issue is the environment texture node doesn't give me the alpha to cut it out in the material so I've had to swap to the Image Texture. I can't get them both to match as there is no Equirectangular option for the Image Texture node.