I would try to raise it if possible. What type of screen aspect ratio are you using, that seems tall for the given wall. Maybe go with a 2.35 or smaller 16:9 screen so you can raise the center up.
The screen is 16:9 and it's at the optimum height for my seats. Here's a photo of my old set-up. The fabric ceiling panels hide all the cables. In the renovated room the cables will be hidden inside black crown molding and it will appear that there is more space above the screen.
I don't think I can modify the stand I have for the VP150. The VP160 is a monster and I'd be afraid of it being too top heavy for the old stand.
