Even if you can get it back that far the screen door effect would kill the whole picture. Your better off going for a 90" or smaller screen.
You can pick up the Infocus 4805 that looks really good. I had one before I upgraded to the 7200 (I had it for exactly three days, I'm a sucker for a good deal

Projectors all come down to the room they are in. If you can put it in a room that is all painted black, with black carpet and no light in it other than the projector the 4805 will look just as good the 7200 I have in my set up. I would bet money on it. I have a ton of light sources in the room I have the projector in so most of the time I use my Toshiba TV. It's more than enough for me.
I would like to upgrade to the 65" model though. But yeah just take Jay's advice and don't get into home theatre. You always want something more. ALWAYS!
My Equipment
57” 16:9 HD Toshiba Projection TV (57HX81) -or- Infocus 7200 (92" screen)
Pioneer VSX-D810S (Receiver)
Pioneer DV-F727 (DVD Player)
M&K V-1250 THX Subwoofer
Infinity 12” Subwoofer (BU-120)
M&K 550 THX Surround (X2)
M&K LCR-750 THX Front (X2)
M&K 750-THX Center (X2 - one in front and one in rear)
Monster Clean Power Center HTS2500 MKII
EDITED SPELLING