DIY home theater: painted projector screens

Definitely. There are numerous paint formulas to be used at Avsforum.com, depending on your projector and room conditions. My 2 previous screens were Behr Ultra Pure White, and a light gray called Winter Mist. I got tired of re-painting every couple years, so I went to a Wilsonart laminate screen(Designer White) that's worked out great.   

I've used plain, white black-out curtain material with a Panasonic AE-900u (purchased from Projector People) for 5 years.  I designed the screen to easily remove the border so I could try out different paint formulas but never got around to trying.  Both my wife and I were stunned at the quality compared to the different projectors and screen combinations that we auditioned during the buying process.  The $75 price tag for the entire screen just sealed the deal and we haven't looked back.

Painted projector screens are very compelling!  I almost went with that kind of DIY project in my theater, and I still might do so when my ancient projector breaks (the old X1 keeps soldiering on).  For now, a pull-down classroom style Da-Lite gets the job done for a very modest price.