Hi Fred, welcome.
Good advice here already.
However, to "do it exactly" like Randy did, you'll have to consume quite a bit of cheap, flavorless American beer. I don't recommend that part, although his room treatments are really fantastic.
If you feel that you want floorstanding speakers, get them. Either the M50 or M60 will be wonderful.
I agree that installing 7.1 in that room does not necessarily make sense. If price is really no object, I would encourage you to look at the Epic 60/500 5.1 system.
