Given two vectors $\vec{a}=(5,7,-3)$ and $\vec{b}=(1,0,-3)$
Find the projection of $\vec{a}$ onto $\vec{b}$
So we first find $|\vec{a}|=\sqrt{83}$ and then $|\vec{b}|=\sqrt{10}$
We find $\cos \theta$ using $$\vec{a}\cdot \vec{b}=|\vec{a}||\vec{b}|cos\theta $$ Which is: $$14=\sqrt{83}*\sqrt{10}\cos\theta\iff \cos \theta =\frac{14}{\sqrt{830}}$$
Now we want to find $\vec{a}\hat{b}$ where $\hat{b}=\frac{\vec{b}}{|\vec{b}|}$ so we get:
$$\frac{\vec{a}\cdot \vec{b}}{|\vec{b}|}=\frac{14}{\sqrt{10}}$$ but it should have a direction, so the answer is $\frac{14}{\sqrt{10}}\hat{b}$? but we have used $\hat{b}=\frac{\vec{b}}{|\vec{b}|}$ in the calculation
Yes, the projection of $\vec a$ onto $\vec b$ is equal to
$$(\vec a\cdot \hat b)\cdot \hat b$$ where $\hat b$ is the normalized version of vector $\vec b$. Why do you consider this wrong? Sure, you use $\hat b$ both to calculate the length and the direction of the projection, but why exactly do you consider that wrong?
If you want a different formula, the projection of $\vec a$ onto $\vec b$ can also be written as
$$\frac{\vec a\cdot \vec b}{|\vec b|^2}\cdot \vec b$$
or as
$$\frac{\vec a\cdot \vec b}{\vec b\cdot \vec b}\cdot \vec b$$
since all three expressions return the same vector.