That didn't work! How bout this....

I would furr it out and wrap it with drywall (veneer plaster is even better). There is no reason for the beam to expand since it is inside a dry conditioned space and the shrinkage of an LVL beam is unlikely to be seen in the finish work. If you are worried about the shrinkage at the ceiling intersection a simple quarter round, bed molding or apron trim would be far less noticeable than crown molding. I've wrapped multiple beams in a ceiling with drywall with no problems but I always use blueboard which keeps the surfaces flat.

Rachel - thank you - you shared great photos - I will post pictures next week after the walls and trim are painted in Dove White. I really like that black paint idea on fireplace- such a bold move but I love the white fireplaces you show which seem safer. Black happens to be in the wallpaper I am currently hanging in the foyer today. Pics attached. Changing trim and walls white all over the house is a huge transformation from my dingy dark trim and walls and I am creating a monster that is snowballing. The dining room rug looks horrible with my wallpaper so I am now in search of a new rug there and one for the family room and now I need new furniture in there as well. Suggestions are welcome from anyone - It is painted Dove white and you can see the new foyer paper with the new blue study. What about a blue or green velvet sofa with all white room. I have 2 cats and someone said that they are not as attracted to velvet. I am not painting the built-ins around fireplace just yet because I have not picked out kitchen cabinets. Maybe I can have the built-ins sprayed white or the blue??? I could also try to change the trim or molding to make them more modern and even wonder if wood shelves would look good to match my dream beams. Ripping out the built-ins and replacing will be costly unless I find some cool furniture pieces to go there. I will also hold off on the painting the fireplace so I can see what the brick looks with an all white room. My painters love me and they come back every two weeks for my next Phase of renovation. : )

The glass is easy- a glass shop should be able to remove the stops and replace it with something else. Is there a reason it is amber (neighbors, strong western light, etc) The acoustic ceiling is there for a reason- big spaces like that can echo. Easy enough to remove the acoustic tiles and install drywall but you will need to mitigate the additional reflective surfaces with more soft surfaces- rugs and curtains for example.