Basement monkey bars and rock climbing wall - advice request.

I would like to close up this ceiling to the point where I can install monkey bars. I would love to replace the lights with less bulky options, nice lights to illuminate the monkey bars.

Should I mount plywood to the joists and then mount the bars to the plywood?

I would love advice on potentially removing all of the wainscoting and ledge on the concrete block half wall (not just the section recently removed to inspect and replace a leaking drain) for a more simple option. The drywall is mounted to metal studs. I’d like the rock climbing wall to be located over the hydronic heat radiators that run along the base.

Thank you!

https://imgur.com/gallery/monkey-bars-rock-climbing-project-wall-what-are-best-first-steps-can-i-mount-plywood-to-joists-t4v1E4V