It’s not necessary to drill in the ceiling, you could just run wood beams from wall to wall and build on that. Broadband absorption also works a lot better with some free space between the absorber and the surface.

All this can be done relatively cheap.
For fabric to cover the mineral wool, the Ikea curtain fabric named DITTE is a good solution.
I used the black version for parts of my acoustics, still looks good after almost 10 years.

For monitor placement, measurements reveal the most.
This is a free tool for acoustic measurements:

Use the waterfall plot to visualize the room response.
You can use it with this cheap Behringer measurement mic:
Behringer | Product | ECM8000
That mic is good enough for most measurements, just not the higher frequencies.

You should aim at an asymmetrical placement of your monitors, a symmetrical setup in a square room is a recipe for disaster. A slight angle might help a bit too, but measuring during placement gets the best results.

And here are some calculators and instructions to make your own diffusers.
Acoustics

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