I like the idea of having the Holoprojector function while the host vessel is cloaked. It would seem to make it much more useful, especially if the Holoprojector and Cloaking Device tried to time things so that they would become active in roughly the same period of time. Your real ships would be trying to avoid getting hit for a while by cloaking, and the holoprojector would provide a more tempting target (probably) for enemy ships to fire on. The interaction of the two modules would (in my opinion) work together to make both more attractive. This could also work if holoprojectors on other ships in your fleet were set up to prefer to generate images while friendly ships were cloaked.
As it stands right now, I don’t usually want to add cloaking devices to my ships because it encourages enemy ships to fire on the portion of my fleet that isn’t cloaked, which concentrates enemy fire temporarily, and it also reduces my firepower for a little while. Having the holoprojector module work while the cloaking device is active solves the problem of encouraging fire concentration by the enemy fleet, since I’m not reducing the total number of available targets for the enemy ships.
Having holoprojectors non-functional while cloaked also creates a bit of a problem when it comes to making a decision of whether or not to cloak if you put a cloaking device on the same ship you put a holoprojector on, since the game would then need to consider whether cloaking to allow the ship to repair itself somewhat is better for the fleet than staying uncloaked until the holoprojector finishes firing (or at least I would want the game to consider that). It is also a bit of a trap, if it isn’t immediately clear that holoprojectors will not work when a cloaking device on the same ship is active, since at first glance they would seem to work well together.
Also, one question about cloaking devices:
Aside from the health bonus, is there any advantage to having multiple cloaking devices on a single ship, i.e. will the ship spend more time cloaked as compared to a ship with a single cloaking device, or be harder to hit while cloaked than a ship with a single cloaking device?