I tested it again this evening. I have a clean install of 10.4.2 and I attached a Sharp Notevision projector.
My PowerBook didn't automatically recognize it, but a quick trip into system preferences and click detect and it worked first time.
My only thoughts is that it may be either a problem with your graphics card and 10.4.2 or there may be a problem with your setup or there may be a hardware fault with your PowerBook, although it's a little strange that it only happened after installing 10.4.2. If you have another projector it might be worth giving it a try to confirm that the fault is not with the projector, or even another monitor (they're the same thing really).
If all else fails perhaps you'll have to call Apple.