I have opted for a projector-based solution. I purchased a Benq PB2250 DLP projector and initial tests show that the projected image is nothing short of stunning. Now I am planning the entire setup around the visual system. Here is a design of Alsim's single projector setup. This is the projection method that I have in mind.
This is the Benq PB2250 monitor that I decided to use in my cockpit: