So, to implement this LCD Project on Mac OS X, I figured I would have to write a daemon or command line utility that would accept messages to display. Then write a bunch of scripts or clients to display server data, then have users make their own if they wanted. (Sort of like LCDproc.) Obviously this would be a pain, and have little usefulness for existing applications.
Then I discovered an application that is designed to take message notifications from applications and display them to a user. Growl will allow me to just code up a small "Display" plug-in and immediately, the LCD will be able to display noitifications from a whole list of supported applications.
This might turn out very useful and functional!