I've got a 28" widescreen, and I've just re-organised the living room so the optimum viewing position is 6 feet away or so, and I'd say that's perfect, as long as you've calibrated the set to a sane contrast setting.
I wouldn't go for a 24" widescreen - it's only 11.7" tall, which is pretty mingy, and anything in 4:3 will be distinctly unsatisfying (15.6" x 11.7"). If space is an issue, I'd suggest finding a 26" (or so) 4:3 TV with a proper 16:9 mode. This is the same width as a 24" widescreen, so anything in widescreen will be the same size and quality (assuming the same tube dot pitch), and your 4:3 pictures will be a much more sensible size (20.9" x 15.7").
This probably isn't the route to go down if you've got a psychological problem with black bars though, as it leads to your widescreen content being "smaller" than 4:3 content - but looked at logically you're better off than with a 24" widescreen.
Now, the trick is to find a decently equipped 26" 4:3 TV. That might be the stumbling block
If you do go widescreen, just make sure it's got a 14:9 zoom mode, preferably automatic, otherwise you'll be really fecked off with black bars all the way around on all the 14:9 content around at the moment.