In any case this would be a DLP tv indeed and it sounds like you have a color wheel going out , namely its bearing that spins at some 12K RPM`s and does take a bit to slow down.
With the exact model number I could find that color wheel that usually sells for around $100 but you will need to be very comfortable with electronics and this wheel will need adjustment afterwards , you cannot simply slap it in
If that is not your cup of tea so to speak then to have this repaired at home could cost you around $300 parts included and perhaps $50 less if you take it to the shop yourself .
If you need to find repair shops near you then look at the link below and enter your zip code ;
This will give you a list of NESDA member repair shops in your area.
This list may be limited though and you may find more the yellow pages or simply google "tv repairs" and the name of your town .
You could give a call to different shops in your area to get an idea of their rates , it pays to shop around but if i may be frank , considering the age of the tv and the fact that you can get a new 50" tv with all the bells and whistles for around or less than $450 ,I would think twice before investing that kind of money into this one.
I think your money would be better invested in a new tv .
Let me know if you have other questions and if not then please do not forget to rate by clicking on the star icons at the top, then click on Submit so i get paid for my time helping you .
Also note that it will not close this post , you can come back here at any time if you need further info or help .