So I did try your technique. I am currently waiting for the silicone to cure. I will wait at least 24 hours. Although its already very stiff (3-4 hours).
I took some pictures of the materials i used and the result.
I put the caulk (2 full tubes) into a paint can and then added some toloune and started mixing. It was very think to begin with, so I kept adding little amounts of toloune until it had a slimy consistency that was easy to pour. I poured it through a paint filter hoping to get some air bubbles out. It helped a bit. I found the higher I held the paint filter (ie longer pour distance, the less bubbles i got). I had a lot of small bubbles in the beginning that all went away though.
After I poured the whole mix (i had about 1/3 of my paint can), i used a plastic spoon to spread out the silicone everywhere. I was hoping to use a ruler sliding a long the wood pieces i put down. I tried, but the way i taped the wood down was bad, also my ruler was too flexible. I should have thought better about the setup for this, but i was too lazy to go back to the hardware store. In the end the ruler made things worse i think. I ended up using the spoon to finish things off. The silicone was fluid enough to smooth itself if left alone for about 30 sec. You cant see much difference in the pictures below. The silicone layer is very clear. I do have a few bubbles and uneven spots. Also I think the floor was not very even and one side of the silicone layer is thicker than the opposite ( with a gradual increase.
Im excited to try it out with the projector tomorrow. I ended up doing a messy job, but the silicone is very clear. I think the projecting through this onto my mylar will work well. I hope the somewhat uneven surface and other mess ups will still render the sheet as a good compliant surface.
before (left) and after(right)...you cant see the silicone n this picture (sorry bad lighting) it is very clear. The fluid like thing on the right is because some of the silicone got underneath the acrylic.