I still submit its much better than the alternative.
Mine is also 1-1.5 ft above the 2nd row's heads. And JVC projectors are louder than the Panny's that I've researched. Fan noise is noticeable every now and then during quiet scenes, but my AC is louder. However, its pretty rare when I hear it, and when I do, its not ever for extended periods of time.
I like low noise floors as much as the next guy . . . but for HT, I give the display top priority.
You might even research making a hush box, though surely quite involved, and just a larger thing overall.
The incremental increase in perceived fan noise (if any at all) will be an easy compromise, IMO, to be able to fire the PJ on axis as possible. YMMV. And FWIW, all of my advanced education is in classical music performance; I like low noise floors too.
I will defer to BMX, per usual.