I myself would be interested in the same process...but it is really hard to find any useful theoretical material like projecting textures onto meshes. Some advanced users seem to know, but unwilling to kindly share the secrets.
Anyhow, this Code Archive entry might come in handy for your engine:
http://blitzbasic.com/codearcs/codearcs.php?code=515
EDIT: Also, take a look here (it doesn't go any further into explaining it, but it's another discussion on the subject nonetheless):
http://blitzbasic.com/Community/posts.php?topic=79894
Anyhow, this Code Archive entry might come in handy for your engine:
http://blitzbasic.com/codearcs/codearcs.php?code=515
EDIT: Also, take a look here (it doesn't go any further into explaining it, but it's another discussion on the subject nonetheless):
http://blitzbasic.com/Community/posts.php?topic=79894