Multi-level drop ceiling
You could always box out the beam and pipes with some nice wood trim/planks.
Im gonna run into the same thing when i go to finish my current basement, pretty sure thats the rout im gonna take.
If your fixed on your current plan ("instead of drywall, etc") how about some type of adhesive and maybe hinges for the pipes side so you can still have access to them if needed..
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- Work shop, music-room, master bedroom above..