False ceiling ideas ? and Hanger material

Hi, couple quick questions, I am building hangers like these for the control room ceiling and rear wall. I will add a false ceiling below the hangers. should i use 703 in the 2" or 1" for the false ceiling ? would there be any difference ? other than 1/2 the price Also any suggestions on how to build the false ceiling or hang the 703 panels would be appreciated. My ceiling is 21'x26' I was thinking of building a frame with 1x4x8 pine and hang it like you would a regular drop ceiling....... ?? One more ..... The hangers, I found 1/4" (or thinner) MDF should i use this or try to find masonite? Or use linoleum (sp)? sheets. Thanks in advance, steve