The closest thing that I've been able to do like this is the following. It's not EXACTLY what you're looking for, but it's what I do.
1. I push a small computer cart in front of my TV. You can do this with any small table pushed in front of your computer desk too. The monitor must be higher than the laptop sits on the table.
2. I plug my laptop into my monitor and I set my laptop's video options to a dual monitor setup where the screen extends from one to the other. What this does is make my laptop's monitor a continuation of the monitor on my computer desk. When I move my mouse off the right side of the monitor, it enters on the left side of my laptop screen.
3. Then, all you have to do is run Orbiter in a windowed mode that has been sized to fit the big monitor. Don't run your ship with the cockpit visible and it will look like a window. If you make the MFD's transparent, they will look like projections almost.
4. Open up all the MFD's that you're going to need for your scenario using ExternalMFD. This opens up the mfd's in separate windows. You just move these windows to pleasing spacecraft console looking places on the lower down monitor (my laptop in my case).
If you keep the smaller monitor or laptop in front of and lower than your big monitor, it will look kind of like an actual readout screen with the window directly over it. You can help the effect with some interesting Windows Wallpaper that looks like an instrument panel.
*Edit*
Yeah. So I totally misread the first post. Still, I felt it would be nice to share this anyway.
