Was thinking of a HUD too - airliners are getting them soon - does what works best for a HUD, work differently for a panel? Having not flown with a HUD, I have no idea.
Just finished development flying for certifying HUD on one of our large business jets. Short answer is yes. There are things that you want on the panel that you don't want on the HUD and vice versa - nice feature on the HUD is the flare cue - bit like a FD pitch target. Wouldn't want it on the panel display though. No colour but green on the HUD, so you have to be more inventive with the failure indications - either strikethroughs or boxes - sometimes not as intuitive as a yellow or green indication. Likewise, with the Flight Mode Annunciators.
In terms of distraction the HUD can be a major headache - on the HDD having the flight path acceleration cue bouncing up and down during taxi is not a major distraction, when it's collimated on infinity and doing it right in front of your face in symbology that's "apparently" 6 feet high it a real bugger!