No, PRobert, a projection is a marker instance in a photo. If you move one, and the optimize, everything in your project will change this any product of the previous status becomes obsolete and requires to be rebuilt. If you just update, then what changes is only the external orientation, thus all products also become obsolete but only in scale and position. Mesh and dense cloud can be updated to the new external orientation of the chunk, but DEM and ORTHO need to be rebuilt as 3D rotation and shift in the source data, changes it all inside those products and they cannot be just updated.
by the way, what't the use of building mesh and texture in your case? just curious
Regards