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Why not? By the way, you should consider about operate voltage, because MSP430 is suitable for 3V than 5V So, to interface different voltage level together, you have to design something like a buffer circuit apply between them.
which lcd r u using?ur interfacing requirements depend heavily on it! the one that i used had 2*80 screen display but it used i2c together with some commands to display so i needed just two port pins.
As far as i remember msp430f1121 has only two ports without any peripheral support such as i2c,spi or uart with 256 bytes of ram so u may have to use latches or multiplexer to drive ur lcd, it would be better if u choose a little high end micro of msp430 instead of this.
Well.... if the LCD is TTL compatible and you only use the pins described in the schematics they should react on 2v , and you might be able to do it without the HCT. But im not sure here and a HCT is a lot cheaper than a MSP ......
DONT try to connect any of the LCD output pins to the MSP , then you will feed 5v to a 3v device.
YOU CAN INTERFACE MSP430F1121 DIRETLY TO LCD BECAUSE LCD OUTPUT IS ONLY VH = 2.4 VOLT NOT 5 VOLT, NO INTERFACE CIRCUIT IS NEEDED. I HAVE A WORKING CIRCUIT WITH MSP430F123. ITS MY OWN DESIGN IN MARKET WE CALL IT SERIAL LCD, IT CAN WORK WITH 16X1, 16X2 AND 16X4 LCDS.
IF YOU ARE INTERESTED LET ME KNOW SO WILL EMAIL YOU THE SPECS.