Sorry that I havn't gotten in on this one yet. I've been kind busy lately building my own studio.
Go check out
http://www.greysfiles.com/Studio/Index.htm and click on "Greys Studio" and see what I did for my ventilation trunks. In the first picture you can see half way down the ceiling there's a beam, right behind that are the two trunks. You can see how we have the ceiling to beam made into a 45 degree angle with studs. We did the same thing on the other side of the trunks. In the second picture you can see directly at the top of the picture is the box we built around it from the underside. It may look like the 2X4's are touching the metal, but I floated the trunks from the joists with rubber straps. If you hit the ceiling joists with a hammer, or the box around the trunk, the trunk doesn't vibrate AT ALL. That's pretty important. You can see the box from another perspective in the third picture, and a couple of the other ones. We're now looking into making the straps that floated the turnk even stronger, by putting more on it, and covering the entire outside of the trunks with the cutt off drywall. It will keep it from rattling, and it will keep a lot more sound out.
We didn't replace the trunk with the flexible duct, that would have taken a bunch more inspections from the building inspector, and it woul have cost a ton more money for that permit. The one we got was only $50. We did, however, replace all the branches going to the rooms with 6" flexible duct. That stuff is the studio builder's dream pretty much. It doesn't carry sound at all, and it insulates the space it's in. The only place you have to worry about sound getting through is the place where the hole is cut for the vent, but you have to worry about that anyway, so why not just use the flexi-duct.
Speaking of flexible things... we were running the conduit last week for our mic plug-ins for all the rooms, and we ran into a problem. How do you make a 10' piece of conduit go against the joists? We though, "well, maybe if we cut it into a bunch of little pieces..." but that was a TON of extra work, and time. So then flexible conduit poped in my head, I use it at work all the time. So we went out a bought some and it worked great. So, if you're running conduit in your studio and you have problems like the one I refered to, I just gave you your solution

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Later,
-Brian