You have focused on the power requirements of the display, but not the interface.. although most TFT's have a somewhat basic interface it usually requires some custom logic (usually in FPGA's, or CPLD's) or even a dedicated LCD controller (PIC32, epson IC's) to keep the display refreshed from ram. Even if you are only displaying a few lines of text, the display is 'dumb', and does not remember information, so you would need to constantly draw a screen 25-50 times per second. With 3 bytes per pixel, and its reolsution, thats a lot of data to pump through, even if most of the data is the same.
It can be done with single logic chips, albeit with LOTS of them. But its far easier to buy a dedicated LCD controller for the purpose of driving it. Of course you would still ahve to provide information to the display (and 'draw' fonts) but this is something your PIC can handle - it just doesn't have the peripherals, or speed of logic to do it all by itself. I believe a guy used two AVR's in tandem to controll a smaller TFT panel, but I can't find the link.
Sure $7 may sound like a lot for just one chip, but it wont' require much in the way of support circuitry, and has a nice 8080/6080 parallel interface similar to the old SED1335 series.