Cam have you considered boxing in the area immediately under the low-slung ceiling out to the post? That to me looks as if it may be prime real estate to build a component cabinet, especially if you have back access. I used 3/4" MDF for shelves with heavy duty slide rails but with the rear access I don't see the need for the slider rails in your case. Most all components are 17" wide, looks like you have plenty of room width-wise.

I'm thinking 300-400 bucks will probably fall well within budget.

Here's a couple of pics of our room, I believe you could do darn near the same.





Rick
Our Room

smile