We got the ceiling installed yesterday afternoon. Renting the PanelLift was a smart move. It really made the installation easier, plus at $15 from Sat noon to Mon 9am, you can't beat the price.
I used B/C plywood. The B side has the voids filled and sanded. It was $5 more a sheet than the sheathing grade, but if I decide to paint, it'll be much easier and look better.
I decided to go with plywood instead of drywall for several reasons. It should take an errant strike from a tool or a launched turning without serious damage. Price-wise, it's probably a wash compared to paying someone to hang, tape and float the drywall. Finally, it'll sure be easier when I need to mount something to the wall.