As always, it depends. It may work, but it may not. For one thing, some lights can interfere with the IR signal, there are projectors that really have problems if there are fluorescent lights near their IR receiver ports that effectively wash out the port.
You could look at Xantech for some simple IR extenders, basically a small receiver at the tech position or stage that is hardwired to an emitter at the projector.
You didn't mention it, but what are you doing for a screen, projector mount and cabling? Just a proper mount and cabling could use up a significant portion of a $900 budget. Installation by a professional, something you should not skip since you're hanging the projector over people's heads, should be also be considered a necessary part of the budget. And don;t forget to budget for lamps, it is always a good idea to have a spare on hand.
Also, how much light is on the screen? Just don't let yourself fall into the trap of spending what budget you have for something that doesn't really work and no money left versus waiting a little longer to get more money to purchase something that works.
