LCD Display Question

Hi, I am looking to use a 4 line 20 character LCD. I would like to be able to move the cursor over to a data value and select this value via a panel key. I would then like to enter a new value via a keypad and send that value from the arduino to the LCD. My question is first is that feasible? And if so, what kind of LCD should I choose- parallel or serial? Thanks in advance!

All is possible. I would suggest an HD44780-compatible 20X4 character display for simplicity. Don't have to be serial displays as they cost more. For entering numbers and such, you need a keypad or several discrete tactile switches acting as up/down/left/right/ok/esc. Everything else is software issue. Please read this post. It's a User Interface library I released specifically for what you asked for, changing things with keypad and seeing them update on LCD.

http://arduino.cc/forum/index.php/topic,62021.0.html