Well I went ahead and took the risk of just trying it out, turns out it works even better than I was hoping for!
Just wanted to say so in case anyone else was wondering about the same thing.
With 3 displays plugged in all 3 are recognized, but only 2 will work (as expected). It is easy to change which displays are being used within display properties. It even remembers my settings so that it automatically switches modes when I turn on the projector, and back to my dual monitors when I turn it off. Awesome!