Interesting idea, do you mean to use an LCD minus its reflective backing so light passes through, in the place of the grating?
The colour matrix could be an issue. I wonder if there are any high ppi monochrome or greyscale 'Retina' style displays? From memory the 'Retina' display is about 320ppi so you could easily display a 160, 80, 53.33 and 40 line per inch grating.
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