I agree with this to a point. In my "Old Kentucky Home" we had a family room that the ceiling went all the way up to the second floor + attic height, all the way to the roof. Think Steves house before he added a second floor for his listening room. In our room it was difficult for even two people the have a conversation let alone watch a TV or more than two people conversating.Hardwood floor finishers use the sawdust from the floor they are laying, mixed with glue to fill joints and get the right color. Hopefully your wood guys are using that technique.
And while I love black walnut, I must admit I was a little skeptical of your choice for the walls if the goal was acoustics. Particularly with your open floorplan and high ceilings. In my own home I’d love to have some absorption on the upper walls where the room has high ceilings. Hardwood floors, granite surfaces, lots of glass—when we throw my wife’s office Christmas party and put 50+ people in the house it gets incredibly loud. Something to reduce the echos would be great. Personally, I am pretty fond of the fabric + track system. You can hid absorptive layer behind the fabric, and fabric choices mean you can design to suit traditional, transitional, or contemporary. And, like with paint, you can make a change pretty easily. What goes behind the fabric is up to you and your acoustician. Besides the blue jeans insulation and noise-out behind the sheetrock, in my case behind the fabric are essentially custom BAD panels. I think in my room that keeps the sound from being over-damped.
I hope you get it sorted Ron, you deserve to be in your home, enjoying music and the view.
I also agree with Ron in that you need to find the liveliness balance.
Ron and I both like panels and I routinely see most people over damp a room with panel speakers and that kills their purpose entirely. Makes me wonder why they didn't buy box speakers in the first place.