I'm thinking 'NO' is pretty much the answer to everything you just asked.
Projectors are highly susceptible to vibrations, so mounts are rarely on swing-arms unless they are VERY cheap, which means nobody understands, or they are VERY expensive. When they are expensive, they are designed to get it out of the way, not shift the location for a different type of setup.
With an 11' throw distance you can have an image size between 101" and 132" diagonal. It is not able to go beyond that from that distance. Be aware that throw distance is measured from lens to screen, not wall to wall.
As well, basically NO home theater projector is designed to handle a screen much above 150" or 160" in size without appearing dim.
Finally, I'm not sure what you mean by " have a fantastic picture without altering the brightness light ambience".
As you increase image size, the light falling on every square foot of the screen will be less and less, so the image will appear dimmer. Since most people have a center channel an a border around a good screen, they don't have more than about 6' of total height to work with, which is a 147" diagonal image. So, that's the upper edge of how projectors are designed. If you are talking about getting a LCD TV like image while leaving all of your lights on, then ... geez, no. That's not how any of this works.
Home theater projectors are designed to recreate the movie theater experience. They are not designed to be used in rooms with lots of ambient light and they don't do a good job once the image size starts getting too big. You have to understand that your source will matter a GREAT deal with the really large size as well. HD downloads and movie streams from Netflix are good, but won't measure up to what you get on Blu-ray Disc. Then you have cable TV which is even lower quality quite often. Your source content will matter a lot.
I would worry less about size, and more about getting a quality image, because at 120" diagonal, that's likely much larger image than you've ever had before. You can go to an Epson 1060 and get 148" diagonal from 11' lens to screen. Shorter throw models may have issues with sharpness as size increases, but the 1060 may be a decent way to go if you want a slightly bigger image.