Really we needa to sclae floor plan showing all the windows soffitts and any other things that impact the space . IMO TVs above FPs are always a bad choice and with kids and a heat source even worse .

It's a bit hard for me to tell what is structure and return vs supply ductwork and other piping because everything is painted black. But I will assume you cannot relocate a duct up into the joist space.

Your furring (did you rip 2x6s?) is doing you no favors on your ceiling height. Go with recessed/wafer lighting. Move the conduit and I can't tell if it's old romex or a condenser lineset, into the joist space - that will help the window side of ceiling. Eliminate the soffits following the jogs of pipes and duct turns - find the max width and keep the soffit straight.

For the TV, I assume the high plug under the duct is where you are placing it. That means a couch facing it will straddle the duct above. No one will want to sit there. Rethink the space layout of where your seating area is and what wall the TV is on. It's typical when laying out a basement to consider the crap above you as that defines the space below it too. Oh, and run an open conduit to behind the TV for aux lines.

The heavy texture of the brick will visually make the ceiling seem lower.