Hi Chadd,
I am currently just a little ahead of the curve than you in that I have my PJ purchased and I am doing a DIY screen (that means I have most the paint together).
This week I will be putting a frame together to mount the tempered hardboard and then glue my substrate to that.
In a nutshell:
I picked up a Sanyo PLV-z60 for $659 shipped at Amazon. While it is a 720p projector please remember that resolution isn't everything. This unit has good color balance, saturation, contrast, and solid black levels.
I will be able to do my screen for $200 and have paint left over. AVSForum.com has some really good information on DIY screen paints (so does Hometheatershack.com).
There are a few camps in screen paint:
Silver Fire
Black Widow
NG
These are the main ones that I have found. Let me know what I can help with and please remember that I am on the same learning curve that you are but maybe only a chapter ahead or so