That looks really cool for blitz

But resizing the light size gradually rather than instantly looks a bit wierd.
I've tried to figure it out, but the math needed is beyond me atm. I barely understand how that even works

I dont think scaling the light based on the distance to the vertex alone is going to work. As you said the projection is not subject to perspective, so the size of the light texture remains the same wherever its projected. I think scaling based on the distance to the vertex will work, as long as you use the same equation for perspective as blitz. The shearing you describe caused by doing that I think is to do with the same problem as non perspective correct texturing. I would imagin that something along those lines will produce the right result, but like I said the maths is beyond me atm

Sry I couldnt help any more than that.