Well I didn't get to the bypass part but here's an update:
I was setting up a Samsung Blu-ray player through my receiver and going through the options/settings. When I selected the "HDMI deep color" option the screen went blank. Light bulb (in my head) went on, so I went back to the PS3 and de-selected the "HDMI deep color option" there, and presto, the 1080p works.
So my next question is, is the HDMI deep color option worth having? Does it make that much of a difference or is it the equivilent of rust proofing on a car? If it is worthwhile, it's obviously either my receiver or projector that's not allowing both 1080p and HDMI deep color. I'm inclined to think it's the receiver, as again the PS3 worked with the Samsung receiver, but like I said a little knowledge...
Thanks for all your help!