Positioning the projector so it is horizontally centered on the screen, which is usually easy to accomplish in practice, removes horizontal keystone issues (side to side differences). Positioning the projector so it is vertically centered on the screen, which is also usually easy to accomplish in practice, removes vertical keystone issues (top to bottom differences). Such projector placement issues are usually easy to accomplish in a dedicated theatre room but less so in other multi use rooms.
IMO, removing keystone issues at the source via correct projector placement provides for the best picture quality.
However, many people simply do not want their projector hanging too far from their ceiling, so placement of the projector to remove vertical keystone may be more difficult dur to asthetic reasons. Just as in other areas, it seems "form over function" can also win out in home theatre dispite some people paying big $$ for projectors, ceiling mounts, screens, etc
But that's why all projectors i have seen have some form of vertical keystone correction built in, either via lens shift (better method) or via software settings within the GUI (quality depends on algorithms & processing power). More costly projectors add horisontal keystone adjustment capabilities to their verical keystone adjustment capability, again via either lens shift or via software settings within the GUI or both.
Even though keystone correction within Kodi could be a cool feature, i'd guess it would cater to a very small user base and not that usefull to most.
Where within Kodi you would need to look, to have code process/scale video, i have no idea since i know nothing about the source code and the video pipeline
Hopefully others can provide more clues which module such a feature could reside within the sourc code.
But the question in my mind is, why can't you better place your projector to remove much of the keystone distortion in the first instance?
What projector do you have (that does not have any form of keystone adjustment) so others can take note and avoid purchasing such a hobbled product?
[edited to add following]
Just to clarify, to avoid keystone distortion, the projector should be perpendicular to the screen when centered horizontally and vertically.