You might be better off selling the iMac and buying and external display and external hard drive. The iMac is going to use a lot of power and generate a lot of heat to do that and as you would have to use the hard drive networked your data throughput will not be the best. Target Display Mode is an incidental feature enabled as a convenience more than anything else. What you're trying to do is recycle the machine you already have but for what you want to do with it the better solution would be to recycle it into cold hard cash first.