It depends pretty much on what distance you're going to be working from. If you're looking at it from 10 m away then even normal VGA will be OK. On the other hand if you're going to be sitting in front of it at (approximately) the same distance as you would from a normal PC monitor, then even 1600 x 1280 isn't going to be enough and I don't think you'll find that many 42" monitors that even go up to that resolution.
As far as the LDC / Plasma equation is concerned:
Size for size Plasma is usually cheaper than LCD
The viewing angle for Plasma is usually wider than for LCD
but
Plasma uses much more power than LCD.
If you can tell us a bit more about the application, you'll get better and more precisely targeted answers.