Timm,
I had the post problem. I left the room open but boxed the post. Big mistake. Sound slips around a small round post better than a big boxy post.
The worst mistake was not hiring a structural engineer to advise on moving the posts until after I built out the room. Would have been simple before the buildout; too much hassle after.
Definitely go drop ceiling. You can get absorption panels that drop in and you can run cables over-head if need be. I, of course, spent money on a drywall ceiling before I knew better.
