TScott: Welcome to the fun. I am jamming on this whole DIY projector thing as well being both an AV hobbyist and a physics addict.
I think the main issues are brightness, consistency and direction of the light.
1) Light leaving the panel should be as bright as possible AND
2) Be an even "coat" of light to avoid hotspots AND
3) Be moving in as much the same direction as possible, such that one pixel of the LCD panel is illuminated in one spot on your screen (enhancing focus, contrast, color mix, etc.)
However this can be achieved is a "good" solution. One solution is to have a point source lamp set at the focus of a a fresnel lens, with all other light absorbed by a black interior. Light is collimnated (made more parallel) through the panel by refracting it through the fresnel material, and it will only refract light coming from the focal point of the fresnel.
A better solution is to not lose the light that is emitted out the back of the lamp by using a spherical reflector with the lamp at the center of the circle formed by the reflector surface. This solution so far has been the most effective solution for the folks on the forum from what I have read.
That said, there may be more solutions out there, such as a super bright LED panel with polarizers (similar to what was stripped off in the first place but much brighter), or some kind of laser image. Some folks are also trying to work with multiple bulbs that illuminate portions of the panel or all the panel depending on some diffusion technologies.
BUT, I think any solution will still have to meet the 1, 2 and 3 requirements above. If I am incorrect, I am sure others will chime in.