Well i've made a little headway on this. Not sure if this should be a seperate thread but I'll just post here until someone tells me otherwise.
I decided to go with a really simple approach. My biggest issue was fastening multiple panels together. I was worried about weight, seams, etc. I decided to stop trying to be a perfectionist otherwise I won't get anything done.
So I made the individual 4 X 8 panels with furring strips.
For part one of the ceiling. I made three 4X8's and one 1X8. I'm using thin underlayment board.
I then drilled using my templates.
Next I cannected them together using a couple of different methods. Metal connecting strip on both sides. Drilling sideways through the furring strips to add some strength as well. I also added additional furring strips to make it stronger. Seems to be pretty solid. After all of the different crazy ideas I had (pulley's cables, screw eyes, etc), I'm going to end up using 6" black deck screws to install this into the joist. I have about 2 inches of furring strips to go through and double sheetrock to get to the joist. 6" ought to be idea to get it solid. It came out a little heavier than I though it would.
Next I attached the velvet (which was sewn by my Aunt to cover the entire board). Unfortunately a seam is still visible but not obvious. Since the entire ceiling is recessed I don't think it will be in issue. If you can see it, I think it will be fine. I attached the velvet using glue and staples. Unfortunately I had a tough time spraying on the glue. I think it was just two big of a peice to spray on. I had to add regular staples (like the ones you use for paper) in a couple of spots to prevent sag. I then colored over the staples with a black sharpie. I'm actually looking for those paint pens from sharpie to really black it out. I think it looks fine as is.
I already started inserting the fibers. Believe what everyone else says. This is an extremely tedious process. Especially when you don't have help. My helper just turned 3 a few days ago. And he was very helpful in pulling out about 20 star points when I turned my back before I had a chance to glue them down.
I will get more pics of this portion of the process. Is it permissable to continue in this thread or am I suppossed to start a seperate "build thread"? I want to follow the rules.