Thanks for the thoughtful feedback...
Thanks for getting me thinking about isolation. The ceiling of the space is currently 12" or 18" engineered trusses filled with insulation. This provides substantial isolation already but we will be talking about significant pressure levels from the rehearsal room. The outer walls of the space are the concrete foundation of the house, so isolation is not an issue there. A compromise would be to fully seal the ceiling with drywall and maybe even an extra layer of MDF and viscoelastic adhesive at all the seams, but then apply the wall bass trap concept in the outer walls along the foundation.
I will need to meet with my co worker regarding the aesthetic impact of soffits, which I recognize are an excellent acoustic element. If he is open to the use of soffits, then I could tie the outer wall volume into the soffits for a combined effect.
As long as there is framing going on, I already plan on incorporating vertical corner bass traps everywhere possible.
Thanks for the positive feedback. If soffits will not be an option due to aesthetic or build complexity concerns, then I'm thinking that applying my concept just to the outer walls will provide the opportunity for low profile bass traps.