This is a 720p projector and translates 1080i to 720p, it may not even handle 1080p.
The budget is extremely bare bones, and your quality is going to match. That is, a bottom of the line business projector or home theater projector under traditional conditions is what you have budgeted for, and should set your expectations for.
You did not say what size things would be - so I would believe about 100" maximum diagonal.
You also really must know the lighting of the room to be able to determine brightness requirements.
Under normal theater conditions - 14-17 lumens per square foot is necessary, and easy to achieve.
Under normal boardroom lighting (flourescent) you typically have at least 80 rated projector lumens per square foot.
I would think 40-50 rated lumens would be a minimum requirement in an unknown, but expected 'darker than normal' situation.
Black levels barely matter when there is artificial light of any kind introduced into the room. A single candle in a room drops contrast from 1,000:1 down to 50:1.
With about 50 square fett of screen, the Optoma MAY do it, and won't be bad.
I might consider something a bit brighter from this list...
http://www.projectorcentral.com/projectors.cfm?g=1&hide=0&st=1&mfg=&p=300&p=1000&w=&r=&br=&ll=&t=&db=&dt=&c=&ar=Wide+(16:9-10)&dvi=&td=&i=d&is=&sort=brt&sz=15
But, it's really hard to say without being in the space to see it first.