Cheapass... Here's my two cents and about $40 dollars in materials.
See if this idea will work. Instead of attaching to the screen, create a floating mask. Take a few pieces of straight 1x4 or 6's that are cut 1/4" shy of the outside edge of your formica screen. This way you'll get some extra space from the screen. Bigger is better.
Anyways, route a nice beveled edge, sand and use a good black primer on the wood pieces. Next take your velour and wrap the "frame", use staples. Then add several strips of velcro along the back side, ends and middle, again staple. Place opposing strips of velcro on wall around formica screen, you might want to place these on scrap strips of formica that have been screwed to the stud so they won't come off the sheetrock.
Now "stick" your border on the screen when the projector is running so you can get the overlap just right.
I've got a 1.85/1 lcd panel on my projector so I've also added velcro strips where the 4x3 verticals intersect and the side strips for the top and bottom move to match the height of a 2.35 picture.
Last, if you've got the space and the woman approves, attach curtains or dark bed sheets to the outside edges of the masks and use them to cover the wall for light spill and cool theatre factor. Use the "fake" wall to hide your speakers.