Small Room. Go for it or forget about it?

Bob,did Sugarbrie answer most of your questions? This situation would be best served by a two-way design.Though squaring the number of drivers can still allow for a two-way to move large amounts of air in the low-freqs.Though it then becomes a line-source,as opposed to a point-source.
A 6db/crossover is the simpled way to design a crossover,as long as the drivers have adequate response through the crossopver range.Some manufacturers will stae a minimum seating distance (that allowing the drivers to re-integrate the soundfield).

I have a 10'x12' bedroom with a system built around a pair of Celestion SL700s. My SL700s work great in this space. I just noticed that there is a pair of SL700SEs listed for sale; the 700SEs were the epitome of that design and can be positioned close to the front wall. Another suggestion is Audio Note speakers that are designed to be placed in the corners.

Loving all the info guys. Thanks!

If you have the patience to explore the benefits of room treatments and the wonders they can do to one's system, I'd say go for it.

I've seen Marten Coltrane speakers($50k retail) in a space of 9'8"x13' heavily treated, and since you have monitors I believe you shouldn't have much difficulty setting them up in your own room.

Once had a small room with great results using a pair of DIY Vifa two ways with a first order series crossover.  Speakers pulled out almost halfway into room, listening chair against back wall.  Sounded great with huge sound stage.  Other speakers worked well too.  But the above were special.