The house that I rent has sloping ceilings and the low point in my secondary listening room is about 7' as well. I found that the low ceiling did exacerbate some midrange glare that I already was having a slight issue with. I ended up stapling foam bedding to the ceiling and this remedied the midrange glare more or less. The low ceiling did not seem to compromise soundstage height though I did find that my BG Corp 520 loudspeakers seemed more open and airy in the listening room with the higher ceiling. Unless your speakers approach the height of the room, you probably won't have any issues but, of course, only trying it out will tell. Good luck.
room dimention question
Is a 7ft 3" ceiling a bad thing? I might be renovating a basement and could have a dedicated room but I think the ceiling would only be 7ft 3". Is this a problem? where can I get a quick down and dirty discussion of how to do a room? Also where do I get the info on electrical. Thanks