Room acoustics in a former church sanctuary?

Hey all,
My wife and I have stumbled on an extremely cheap property that used to be a church which we might buy. We are both artists/musicians, so a Goth space like that seems like a fun challenge to turn into a home. I was wondering if a church sanctuary could be used for BOTH producing music in, and for my hi fi. I wouldn't want to spend a lot of money on room treatments, but it could be a work in progress over many years, in which case some long term investments wouldn't be out of the question. I do feel that a separate listening room takes the fun out of listening to music for me personally, though I respect others for using one (and I am aware of the acoustical advantages of them). The sanctuary is roughly 30 by 40 feet and has a fairly low, barreled ceiling with a rear upper loft. I was thinking of putting my very modest Vandersteen 3a's off from that rear wall below the loft which would project forward into the rest of the space. The rear upper loft would be used for a music room (instruments and the like). Maybe this is an impossibility, maybe the echoes could never be reigned in... I am curious what you folks think.