No, I don't think it would work.
In my experience, displays that are typically optimized for viewing television and movies (i.e. plasma screens, projectors, even my ~4 year-old 42" LCD screen) typically have very poor fine-detail reproduction. Text in particular, at small font sizes, looks blurry and hard-to-read.
Even the projectors we have in the meeting rooms at work are not that easy on the eyes after a 1 hour meeting. Maybe it's just me, though...
Also, I don't know of many projectors which even support resolutions > HDTV (i.e. 1920x1080) and even those ones are quite expensive (you'll pay around $5,000 here for a decent one, like this one for $7,500). You can buy a high-end, large monitor with higher resolution for the same price or less, in many cases you'd be able to buy two such monitors for the same price.