Not completely. When you use a passive display, like an LED from a tablet in this project, your color gamut is limited by the gamut of the backlight, and your black levels will be limited by the ability of the panel to block light. Most “white” LED is really blue LED with a filter mask, so good LED projectors use special “phlatlight” LEDs, which are rather expensive, and they use a light processing technology (DLP) for the pixels based on millions of tiny mirrors which can produce more saturation in the spectra at which the LED produces less energy. Getting the colors right (and the blacks black enough) in an LED projector is a hard technical problem, which is why it has taken so long for decent LED projectors to show up for under $500.
Projecting even a quality LED light through an LED panel display is never going to be as good. There are several companies selling very cheap LED projectors based on simple LED technology (right now Fry’s has one for sale for $130), they’re probably OK for kids cartoons or camping or office slide presentations, but not as a TV substitute.