Simple answer - YES
My first cab was with a 20" LCD, crisp picture, but not authentic and not very big.  My second cab I decided to go with a 27" TV.  I got the TV and tested it.  Larger picture, more authentic looking, but also not a great picture, but the sacrifice was for the larger size.  Unexpectedly I acquired a Wells Gardner D9200 monitor that wasn't working.  I got it fixed and tested it.  WOW, it was amazing.  By far the best picture, most authentic looking and very good quality.  Also that is all just at standard 640 x 480 resolutions.  I haven't even done the native resolutions yet, which are supposed to be even better.