I have a 42" 1080p HD TV. I sit around 3 metres away from my TV. When I was watching live streams of ED, I could only just see the text. I have 20/20 vision. The weekend before the launch I moved my PS4 into the spare room on a much smaller TV and play it on a desk so I am right in front of the screen because I was concerned I wasn't going to be able to read all the text. I am going to try it on my big TV at some point but I think I will need a bean bag or gaming chair to sit closer.
Elite Dangerous is a PC game first and foremost, so it will always be designed to be played up close to a monitor, and there is so much information that needs to be presented I don't think you could make the text much bigger at all and still display it.
To the OP I hope you manage to get a setup that is comfortable and works for you.