I would like to butt the ribs up against the duct to maximize ceiling height, unless that's likely to cause problems.
Bad idea. #1 the duct wont be straight or level. #2 one thing will energize the other thing and then both things will resonate and you theater will suck.
The vertical part of the sofit ...
no, first soffit has 2 eff's.
2nd ... here's a pic. This guy is using track instead of angle which is silly.
He should only be using angle. On the ceiling (top right of pic) the L should be sticking into the room so you have a continuous piece of metal to screw your ceiling to and the ceiling drywall should go on first but don't sweat it if it can't.
Cut a sheet in half (24" strip) and jam the factory seam to the ceiling across the whole room. Screw 12"O.C.. On the back of the hanging drywall snap a line at (my guess is 14" down from the ceiling measured at both ends) whatever your lowest point is for the duct plus 1-1/2" to allow for metal and just room to work/separation/calculation errors/luck/etc.
Screw angle to that line on back of drywall. Score (cut paper with utility knife) drywall below angle. Snap drywall at cut. Score front of drywall along crease created by snap in front and you're done. Secure ends where soffit attaches to walls with more angle in plumb position.
Each end of the drop gets leveled to the wall (left in pic). Measure down 1-1/2" from there and snap line. That will be the bottom leg of the 1-1/2" angle you screw there. Your high hat can then span the left angle on the wall and the right angle that you hung down with drywall at 16" O.C.
Nothing against wood but metal ... screw that ... wood sucks. Metal is straight, cuts with tin snips, bugs don't eat it and it doesn't rot. Oh yeah, at the lower corner at the bottom right you would run a line (string) from one end to the other so you could lock the hanging part to the wall with high hat in a straight line.
I'm still all for throwing $100 at a metal framer and having him show you how.
Glen Kuras and bpape are totally invited to comment on above rec and if it were me I would sort of pick their brains for advice. Jostenmeat and BMXTRIX too.