Hi,
I have made similar desings many times and have 15 years experience with Altera.
I have always used the megawizzard to create the memory. I would add the splach screen image by means of a mif file.
Inserting a new image is simple but you will need a statemachine which interprets the complete stream or you will need this intelligence on the transmitter side if you only want to transmit the raw data extracted from the bmp. With the latter you only need an x and y counter for writing the image to the memory.
As an experienced Altera user I would suggest you to simulate this with Modelsim or use Signaltap for verification.
Dreeke