I haven't had any luck with that. I have the Akai PDP4290 and use an HTPC with an ATI Radeon 9000 pro connected with a DVI -> VGA converter into the VGA port on the plasma. When I run in 640x480 mode, the text looks very clean. At 848x480, the screen is clearly being converted to another resolution. When I run 848x480 in and check the resolution on the plasma (there's a status option in the menu) it shows VGA input at 640x480.
I think that the VGA input in the Akai expects 640x480 and forces an internal mapping to the native resolution of the display. When you put in 848x480, the akai still converts it. It appears to convert from 848x480 down to 640x480 then back to 848x480 and there are significant losses in quality as seen in any text.
So, I think 1:1 mapping in the 4290 is essentially not possible using the VGA input. I use 848x480 when watching movies since it's a 16:9 format which reduces the black bars for a lot of content.
When I need clear text, I use 640x480 since I am not watching movies at that time.