That certainly is a tough call, Robb. Either option would make a dramatic difference to your viewing experience.
If it were me (it's not, but it is always easier to spend someone else's money
) and I could squeeze an extra few bucks for the purchase, getting the projector and just 2 decent Axiom speakers would be the route I would lean towards. A pair of Axioms to run as main speakers would give you a large % of that "feel" you are looking for in the sound department while providing all the video you are wanting. Then you can add the extra speakers at a later date when funds allow.
If the extra $$$ are not there to accomplish this option 3, then I would lean in Jack's direction - going speakers first. The other nice thing about deferring purchase of the projector is that with as fast as display technology is changing, when you can afford that 2nd option you can probably get the latest tech or even the same one you are looking at now, for substantially cheaper. During that time, speaker prices aren't likely to drop (but due to inflation will more likely rise slightly).
Either way you go, you are in for a wild ride!
Enjoy.
