I have used in past a projector with a 7 1/2 ft screen for my media center. U can incorporate not only computer but smart devices along with cable, etc and all hooked to surround sound. I was able to have all this under $1500. If you watch resale sites you can normally get a really good deal on all the components. If you don't want to go that route you can also direct hookup via hdmi cable most laptops to TV and use as monitor. I have that setup as well on our 60in. Then I purchased a wireless keyboard and mouse combo. It makes it nice to sit on couch and play. Not including tv just cords and keyboard was about $30
It's possible on the laptop for sure. I'm not a big multitabler, but when I plug into my 32in tv, it is so much better for real!