I have a document similar to the following, where I want to return a field of the current top level documents as the top level document itself in the results array:
Yes, you can use $project to do that. You just have to tell it to retrieve the nested contents object using dot notation:
db.items.aggregate( {$project: {contents:'$field1.contents'}} );
Additionally, if you want to to hide the _id field from the output, you can specify _id: 0 in the $project parameters:
db.items.aggregate( {$project: {contents:'$field1.contents', _id:0}} );