I can't imagine you could get great results that way. It would be very difficult to get the screen completely flat and straight without bubbles forming behind it and such, and without marring the surface by using a squeegie on it.
Really, just build a frame and stretch the fabric onto it. Then you can move the screen if you want, without damaging the wall behind, and you'll get a better picture.
I just finished building my screen and frame using fir 1 x 4's and blackout cloth, and it turned out to be outstanding. I think I have as good a screen as any you could buy, assuming you want the same kind of gain I'm getting (about 1.3). Grand total cost was about $75, and four hours of my time.
I've described the construction in another thread.