Sounds do-able.
Is hiding cables hi-up in the priorities ?
If so, plan very carefully where you'll be placing you kit in the lounge and where you'll be drilling through into the garage. Once it's done... it's difficult to move or extend, so it's important to get that right.
Has your garage been plasterboarded yet ? If not, you get away with anything you want.

I can't stress this enough, but if you're an attached man, make sure you've got complete SWMBO buy in. As much as we'll try to big-you-up with your progress pics, she's the one with complete power to demotivate you and kill the project. She's got to be happy with the layout, AV capability, usability and DIY disruption.
Buy yourself a quality SDS drill, humoungously long drill bits and a good cable/pipe/stud detector.
Plan ahead with cables try to keep electrical away from AV/data cables and further away from speaker cables.
You'll also need an IR extender to control the kit in the lounge when you're sat in the garage. An RF-> IR remote can also do the same job (e.g. Harmony 895), but this may be more pricey.
It's worthwhile to start knocking up a project spreadhseet and writing absolutly everything that's in your head at the moment. Because it's a future project, you have the benefit of spreading your cost over time, so if you spot a bargain that's applicable for your project... buy it.
Best of luck!