TFT stands for "Thin Film Transistor" and describes the control elements that actively control the individual pixels. LCD means "Liquid Crystal Display" and stands for monitors that are based on liquid crystals.
Above paragraph taken from the tech guide, and tends to imply that they are both the same thing for general advertising purpose. TFT meaning the transistors that control the LCD display.
There are several types of TFT display panel though, each with its own advantage/disadvantage.
I haven't seen it personally but am given to understand that the LCD TV screen you talk about would not give as good a picture as a TFT, how bad it is and whether you would find it acceptable would be up to you to decide once you'd seen one. Personally I wouldn't use one of these dualpurpose screens on my PC as the PC dedicated ones give a better picture and I spend a fair amount of time on my PC looking at the screen.