(i) $\Longrightarrow$ (ii):
$V = W \oplus Z; \tag 1$
by definition means that
$V = W + Z, \; W \cap Z = \{0\}; \tag 2$
we note that the decomposition of any $v \in V$ into
$v = w + z, \; w \in W, \; z \in Z, \tag 3$
is unique, for if
$w_1 + z_1 = w_2 + z_2, \tag 4$
then
$W \ni w_1 - w_2 = z_2 - z_1 \in Z; \tag 5$
thus,
$w_1 - w_2 = 0 = z_2 - z_1 \Longrightarrow w_1 = w_2, \; z_1 = z_2 \tag 6$
as claimed; therefore, since $w$ is unambiguously determined by $v$, we may define a function
$T:V \to W, \; T(v) = T(w + z) = w; \tag 7$
we investigate the linearity of $T$: if
$v = av_1 + v_2, \tag 8$
we may uniquely write
$v_1 = w_1 + z_1, \; v_2 = w_2 + z_2, \tag 9$
whence
$v = a(w_1 + z_1) + w_2 + z_2 = (aw_1 + w_2) + (az_1 + z_2) \in W + Z, \tag{10}$
uniquely; it follows that
$Tv = T(av_1 + v_2) = aw_1 + w_2 = aTv_1 + Tv_2, \tag{11}$
establishing the linearity of $T$.
We compute
$T^2(w + z) = T(T(w + z)) = Tw = T(w + z), \tag{12}$
whence
$T^2 = T. \tag{13}$
(ii) $\Longrightarrow$ (i):
$T^2 = T \Longrightarrow T(T - I) = T^2 - T = 0; \tag{14}$
set
$W = T(V); \tag{15}$
then, via (14):
$w \in W \Longrightarrow \exists v \in V, \; w = Tv; \; Tw = T^2v = Tv = w; \tag{16}$
we see that $T$ fixes $w$ pointwise; it acts as the identity on the subspace $W$. We may also set
$Z = (I - T)V; \tag{17}$
then, again by (14),
$z \in Z \Longrightarrow \exists v \in V, z = (I - T)v; \; Tz = T(I -T)v = 0 \Longrightarrow z \in \ker T; \tag{18}$
likewise,
$z \in \ker T \Longrightarrow Tz = 0 \Longrightarrow z = Iz - Tz = (I - T)z \Longrightarrow z \in (I - T)V = Z; \tag{19}$
thus,
$Z = \ker T; \tag{20}$
now if
$y \in Z \cap W, \tag{21}$
we have
$y = Tv, \; v \in V; \tag{22}$
$Ty = 0; \tag{23}$
therefore, again invoking (14),
$y = Tv = T^2v = T(Tv) = Ty = 0; \tag{24}$
we have then shown that
$Z \cap W = \{0\}; \tag{25}$
finally, for $v \in V$,
$v = Iv - Tv + Tv = (I - T)v + Tv \in Z + W; \tag{26}$
(25) and (26) show that
$V = W \oplus Z; \tag{27}$
(16) and (20) show that $T$ is a projection onto $W$ "along $Z$". Thus we have (ii) $\Longrightarrow$ (i).