tparmer, looks like we posted at the same time!
To clarify, I believe it's an all or nothing proposition. Unless you plan to dedicate the entire false wall to show nothing but the TV screen (no stud framing, hence no shelves, in-wall cabinets, or anything else useful), you're better off going all the way and implementing the fixes Chris described.
The wife factor revisited!
P.S.
As far as the price of acoustically transparent cloth, have I got good news for you! Years back when I was a broke college student, I obtained not just one but two 4x8 dry erase boards for a mere pittance. It turns out that the boards that cost hundreds of dollars for small versions were quite cheap when the label said "Mobile Home Interior Wall Panel." Not just similar, it was identical. Same turned out to be true for many re-packaged items, not the least of which is "acoustically transparent grille cloth."
Get thee to Jo-Anne Fabrics, or some simlar place, and you'll find a plethora of thin, almost transparent (depending upon which side the light's on) material for around $2 per yard. Bring a sample of grille cloth to compare.
If any shred of doubt exists in your mind, you can stretch it across a Hula Hoop (or any large loom that won't diffract sound) and have your wife hold it in front of the right speaker alternately whith you blindfolded. Compare a sample of the expensive grille cloth to your chosen fabric in a blind test, with your wife holding each in random order for periods of 1 minute. Don't have her say a single word, and see if you can tell any difference whatsoever, especially if she skips a sequence.