Good God this is one hell of a project! A few years ago I installed a urinal in my man cave - it is the envy of kings and peasants alike
I don't know if you're committed to the drop ceiling or not... but if you're open to suggestions, I might offer that leaving the floor joists exposed is kind of a cool look. The basement in my house is finished this way - there's insulation between the 2-bys and it's all been painted white. I've decorated with decals, sports memorabilia - even magnets stuck to the ductwork. This has also been pretty convenient for running coax and other electrical stuff... if you want to see pictures LMK and I'll post some