Hello Piyush,
TV & Projector are different and can't complement each other. Projector at its best is good for long term use without break like movies with a 5.1setup. TV can also be good when you watch channels, internet through laptop where the view has to be near to screen. You have mentioned that average usage time is 2hours in a day, this means satellite channel and others and not movies.
Assuming that your usage is in day and you don't have a TV already. Best would be to go for a Plasma TV(Panasonic HD). If you are serious about movie watching in night, then go for a low budget TV and provide enough space for projector screen for future addition. You can very well leave the wall above TV free with a bright paint like white to be used as a projector screen, from the ceiling, leave 6feet with bright paint like white or ivory for projector screen. For your use, LED projector will not help as it will work well only with 95% dark(exception is for moon light/shadow). You can go for DLP based bulb projector which has higher lamp life (like optoma/epson). Do a proper electrical piping work with a 1.5inch casing to accommodate cables. Projector can be mounted above the seating with a 3feet ceiling mount adjusted to 2feet. use a UPS like APC for projector as it can't withstand power fluctuations and sudden power shutdown as the projector needs cooling fan operation for atleast 30seconds after shutdown.
Having a manual pull down screen, so far the screens I have seen are with edges bent over period of time. It is good you use a fixed screen or wall as screen. If the painting work is going on in the house, then paint the TV side wall to white or ivory. Don't put any TV unit. Just hang the TV in wall with its mount(top edge of the TV should be at half height of the TV wall or <5feet from ground) . Projector screen(8feet in length) can be pulled down which will cover the TV. Also browse projector central for dimensions.
