I have thought a lot about that and the TEC's just don't work well enough. Those 6 stage TEC's can achieve a delta of 130C, but that is without any load. I am more confident of this after now installing 6 TEC systems in my projectors. The latest is a 3 stage unit that with 130W of driving power will drop a quad red -70 from ambient @ 50% modulation. To get another 50-60 degrees would probably require between 500 and 1,000W and the base plate would undoubted warm up quite a bit. This cooling is not linear with power input. I'm not sure of the relationship, but it is pretty hyperbolic (asymptotic). And, based on my LN2 system, I would need about -100 to see a significant color shift.
The other problem with the reds is that they are still the weak color and need at least a dual to have any hope of balancing the green and blue. I suspect that you would almost always need to run them both to drag the colors away from the blue and green. I think DTR said there might be a 700mW Mitsu coming soon and this might help counter that problem at least.