The dynamical spin structure factor is computed within a variational framework to study the one-dimensional $J_1-J_2$ Heisenberg model. Starting from Gutzwiller-projected fermionic wave functions, the low-energy spectrum is constructed from two-spinon excitations. The direct comparison with Lanczos calculations on small clusters demonstrates the excellent description of both gapless and gapped (dimerized) phases, also including incommensurate structures for $J_2/J_1>0.5$. Calculations on large clusters show how the intensity evolves when increasing the frustrating ratio and give an unprecedented accurate characterization of the dynamical properties of (non-integrable) frustrated spin models.