Changing the projection encoding would require reorganizing the underlying storage for the column. It is true that if sort order / segmentation is not changed then only the specific column file would be affected and hence would be more effective to reorganize just 1 column rather than all columns, but the feature does not seem to exist. The option is rebuilding the projection in its entirety.
Comments
Only rename
http://my.vertica.com/docs/7.0.x/HTML/index.htm#Authoring/SQLReferenceManual/Statements/ALTERPROJECT...
/Sajan
This is now possible starting in Vertica 10!
See: Changing Projection Column Encodings