I have transferred cine to video quite often.
The method you suggest may work, although you will get a much better result if you use one of those gizmos where the camera shoots at a 45 degree angle to the projector. The main reason for this is that the gizmo reduces glare. The biggest problem with the direct method (as you propose) is eliminatng the central white spot on the projector screen (I find that silver screens are better for eliminating this).
As you say give it a go and see how it turns out. Remember, whatever method you use, to disable any image stablising features on your video camera and I also recommend using manual focus.
COMPAQ something or other with 500Gb Boot Disk, 1Tb external Firewire Disk, 4Gb Memory and a super duper sound card, 19" TFT Monitor etc etc etc
Sony TRV33e : Sony TRV310e : Canon XM2
Sony Vegas Studio editions to v11
Remember, there is always more to learn than there is to teach.