Guy;
I'd go with the ledge around the room and use the space you have indicated as a storage area to switch out a couple trains.
Since you are up so high, make sure your switches are bulletproof prior to sliding the board up there and connecting up to the loop/loops around the room.
Your viewing angle is going to be poor. That's why I mention making sure the switches are perfect prior to putting them up there. If anything derails you won't know it until it pops the circuit breakers.
Perhaps just parking the trains there when not running and having no switches would really be best.
As for the over/under up there, I'd advise against it. Use a crossing perhaps, but not up and over, the grades are far too steep.