According to the projector specs there is no lens shift.
I also couldn't find the offset figures, but as a rule of thumb most projectors shoot "up" to some degree. By that I mean that the bottom of the picture coming out of the lens will be above the bottom of the machine. That way, you can place a projector on a table and the bottom of the screen will be above the table top. Make sense? I'm writing this before my first coffee takes hold...
Being in an exercise room I'd suggest ceiling mounting the projector to keep it out of harm's way.
***Just did a quick search and saw that Circuit City has Optoma HD71s on sale for $900. Although you'd need an "Amerifriend" for that. The HD71 would be just as bright as the Dell, and have a far better picture as it is a true home theatre 720p projector.
You might also just want to wait out for a deal on the Panny AX-200 or Mitsu HC1600.
That said, all of those machines will cost more than $700.