dmc_trajectory is a Lua module which moves objects following ballistic trajectories (parabolic motion) without using the physics engine. The module can also auto-rotate objects to match the slope of the trajectory path. Using it is as simple as setting up a transition with a few Corona parameters.
physics
I've tried to implement a similar drag effect as seen here: http://www.iforce2d.net/b2dtut/sticky-projectiles
This function flips a single or multi-element physics body and returns the flipped shape declaration for usage within the "physics.addBody()" API. Currently, this version only supports horizontal flipping (reflection across a theoretical center vertical axis).
This is a port to LUA and Corona SDK of the Convex Separator for Box2D class written by Antoon Angelov.
It converts complex, non-convex shapes into fully supported multi-bodies.
To help with the calculation of physics collision categories and masks there is an excellent table available:
http://forums.coronalabs.com/topic/2128-collision-filters-helper-chart/