Thanks guys! I am definitely going to go with 5.1.4 first. It is definitely easier, as I would have to get very creative with the side sides in a 7.1.4 setup. Not to mention, my couch is not very far from the wall, so rears might not benefit me anyway.

I moved my old couch into the basement today and took a few pictures. I marked speaker locations in red with what I think is the best locations. The room is only 10' wide and the couch around 90", so I can't put the heights too far off to the sides. The rear heights will also only be about a foot or two away from the rear bookshelves. Take a look and tell me what you think....