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Well it’s definitely reparable... it'll just boil down to cost. The real question is: Will this be cost effective to repair? The answer is... maybe. If the TV has been good to you until now, I suspect repairing it will be a good decision. If it has acted up in the past, maybe it's time to replace it.
I have seen issues similar to yours stem from a few different areas inside the TV: The convergence circuitry, and the power and deflection boards would be the main suspects here. You could also have a fluid leak, which is fairly common with these older projection sets. The technician will need to get inside to narrow this down for sure. Just that process alone would run about $100, but most of it would be put toward the final bill should you decide to have it repaired.
A repair bill for something like this normally ends up $450-$650 but that will depend on where you live and the full results of the diagnostics. If you need help finding a good repairman, check out tvrepairpros.com... they have a pretty thorough list. If you'd like, post back here with the tech's diagnosis and repair estimate. I'd be happy to tell you what I think.