It really depends. A video display is a solatary LARGE investment. You can't pick up a $500.00 projector then switch it out for a $10,000 projector easily. You can pick up a good $2,000 home theater projector and be happy for 5+ years pretty easily though.
Audio on the other hand allows you to get a $500.00 HTIB, then upgrade speakers a pair at a time, then perhaps a new receiver, then perhaps an outboard amp. One-by-one the parts can be upgraded and you can get a better system as you can afford it.
But, if you don't care that much about video, get a 27" TV and focus on the sound.
I'm a movie lover myself, action/adventure stuff...
Yes, my actual budget is probably 50/50 between audio and video or so, but remove the tab-tensioned/motorized screen and it is about 3 times as much spent on audio vs. video.