New tv's are nice and will give tremendous deep glossy depth, sharpness and colors. And other advantages like space saving, no lamp to eventually replace, less electric use...HOWEVER, do not get discouraged over your idea of a projector system. If you like to DIY and tinker, these can be lots of continuous fun! Many hours can be spent designing space, installation, losing sleep having to make yet another tweak somewhere...AND you can make BIG pictures! Mine is 106" and is great!
While you will not get the same quality image from a projector (any projector) as you would a tv (different technology producing the images), you
still can get a great image. Getting a good quality projector, blu ray player and screen is the main key. Then work on room darkening, distance from the screen... Once all the hardware and room 'stuff' is done, then the fun of adjusting all the settings for the best image begins! Note: most techies would spend a lot of time adjusting a tv as well...
The epson is a good brand. I have the epson '4k' 5040ub and it is great! While technically 'not' 4k, it comes so close that most cannot tell. Movies look soooo much better than the digital theaters. And has a LOT of adjustments!

I have also a computer and xbox one connected for the fun big images.
You asked "is it outdated?". Well, since everything is working its way to 4k now, I would look for a 4k projector. You can still play blu ray, dvd through it. If you can swing it, look for better quality products / brands that will give the better images, come with adjustments and have maybe latest tech in them to last a while.
Ask questions, read reviews and threads, listen to advice. You decide what will make you the happiest in the end, not others who will not be at your home.