Thanks to you guys for your inspiration and ideas. I just saw this thread about 2 weeks ago and now have my own panel solution.
Tried to find the blue styrofoam at Lowe's but no success in my area. All I could find was that flimsy white Styrofoam. However, I did find a more rigid Styrofoam that worked out great for me. It has white on one side and the other side is silver. The cost was like $12.84 for a 4x8 sheet. It cut really well with a good utility knife. I was pleasantly surprised by this.
I bought royal black velvet from michaels.com and got 50 percent off. Bought 2 yards of it. I have a 92" Criterion screen from Carada that I didn't know quite how I was going to make this all work because of the 45 degree bevel frame.
I didn't have to use 3M spray adhesive or velcro for my purpose. I really lucked out. I only created ONE panel. I wrapped the velvet and used sewing pins to hold in place on the back. I thought this was going to be just temporary to see how things looked but as it turns out its tight and good enough for me in my bat cave. I use the lens shift on the PJ to bring it to the top edge and just use the ONE panel I made which nestles on top the center speaker and behind my front speakers very nicely. No hassle or damage to the screen this way. Easy operation of removing or installing in less than 10 seconds.
I know this won't work for most. I just really lucked out here that it worked this way. 2 yards of Royal Black Velvet. $21. Foamboard. $13. Watching a movie in 2:35 aspect ratio with no grey bars. PRICELESS!
The result is absolutely fantastic. I saved myself $2400 by not buying the Masquerade system
Now I can use that money for a JVC PJ down the road.
I will post a few pics if anyone is interested.