Just wanted to mention that using a compressed font (such as Arial Narrow) can allow you to use a larger point size without making the lyric lines any longer. I use Arial Narrow at 40pt on a 16ft screen that's about 85ft from the most distant seat. And that size happens to work well with most lyrics (i.e., phrases fit nicely on a single line).
That effective size is larger than I've seen at other churches, but since I took over and changed both the font and the size (previously was TNR at 32pt), I've had many, many people mention how much easier it is to read now, and it's not just the white-haired population saying so. As a designer, I'd love to use something fancier, but I recognize that "it's not about me" and the primary goal is not a design statement. The goal is to facilitate worship.