yeah, I would consider putting the guts in a lanyard or in a pocket (connected by wire if bluetooth isn't fast/bandwidthy enough). But the projector may be too big by itself anyway. Magic Leap considered a kind of fibre-optic cable.
Another approach is to target usages where bulky headhear is already acceptable, e.g. helmets (cycling, go-pro-like extreme sports, construction hard-hats etc), googles (welders, scuba, WWI aircraft).
I think that kind of application is where smartglasses are presently maturing.
I like the ring concept though, like nintendo switch joy-cons, but even tinier.
specs https://www.bynorth.com/tech Doesn't mention display resolution
Qualcomm APQ8009w https://www.qualcomm.com/products/snapdragon-wear-3100-platf... "Snapdragon Wear 3100": quad A7, 1.2GHz (max), Adreno 304, 640x480 (max...)