Need to place a new tv in an old entertainment console?

I would just gut the whole thing build a new stand for the new TV shelving for an AV receiver Blu ray player. and center channel speaker...I would also use a wood stain to finish it not paint.. trim it all very nicely with real wood.. You may be able to build a sub woofer into that wall also not sure...Looks like there may be a way to access the unit from behind if that is the case you may be able to make a permanent structure if not everything should be removable (maybe on wheels) so you can access the wiring and set it up properly....You could also just buy a unit and slide it in to the opening

http://platinumcabinetry.com/built-entertainment-c...

Something like this but not as elaborate built in....

You need to get a little creative but there are 2 ways That I thing immediately. You can usually buy alternative legs for the TV so you can find a set that works for your. But what I would do is mount it to that wall. Perhaps getting some 2x4s to build out from the wall, or a beam accross using the walls of the stand, so the TV wont be so recessed.

It is usually possible to unscrew and remove foot stands from panel televisions. Almost all of them also provide an area on the back for a mounting brace. Both these are done, since often, panel-type LED screens end up wall mounted, rather than set on tables. This opens the possibility to build or use a custom bracket or stand attached to the rear of the set, something you could look into buying or building.

The new TV probably has threaded holes on the back to accept a VESA wall mount. If so, then take the stand off the TV, build blocking across the back of the opening at the proper depth and then "wall mount" the TV to the blocking. You should be able to pretty much position the TV in the new opening where you want it.

Here's a picture

Imagination, creativity, and resourcefulness will do the most good.

That's sometimes called "seat-of-the-pants engineering".