Manny, this is an interesting project. Although I have never used a large screen LCD TV as a monitor, I've always wondered how well it would work. I have used CRT TVs and they make terrible monitors. So, one of my first thoughts is that you will want to have a digital signal from the computer to the monitor -- HDMI preferred, DVI-D next in preference, and component video (analog) only if there is no other way. Also, a 27 foot cable run would be better in digital than analog, though it's doable for all 3 connector types. With LCD TVs coming down in price, it's a great time to buy. Also, some are coming in 1080p native resolution (1920x1080) and that extra resolution will make a sharper image. HDMI connectors are quite common, especially on a set that's 1080p, DVI-D is less common, and component inputs usually don't do 1080p.
Another thought I had was about other peripherals connected to the PC. For example, if there are speakers up near the monitor, that's another 27 foot cable run of digital audio. You might consider putting the PC up near the monitor with shorter (and cheaper) video and audio cables. A wireless bluetooth keyboard and mouse would prevent the need for any wire runs. However, now you can't access the DVD tray easily. I suppose the layout that you choose will depend on the layout of the room and the nature of the peripherals.
If I were in your shoes, I would not build this PC, but buy it. Building a PC is for folks who want to control the components, for gamers who need max performance, and tweakers who want to overclock or mod. You described the function, said no games, and made no mention of tweaking. You can buy a pre-built system for less money which meets another of your criteria: don't drain the savings. That's one man's opinion. What do you think?