Your state might have a requirement for a licensed hazmat abatement contractor to remove it, not allowing diy. The amount of work you mentioned will more than likely require a permit which is where they would or could call you on it if you diy. I would check in with them unless you are a gambler. Installing drywall on the lid over the acoustic(popcorn) will still create dusts. I would simply have that removed as well and mud and skim coat + texture,(if you want a textured ceiling), keeping the existing drywall intact.

Colorado allows homeowner to DIY for asbestos abatement and I am a gambler. I wasn't going to pull permits either. My main concern was possible health issues. Also, wouldn't scraping the popcorn ceiling create much more dust, and be about the same cost?--they are 20' vaulted ceilings.
Thanks again for the help
Ryan Littleton Colorado

If your state allows diy removal, then do your research on how to safely remove it including the ceiling. It involves wetting the material, but is more involved than that as far as keeping elements in your home covered, vent and ducting stops, and proper disposal at the land fill if they accept hazardous wastes. Ours only accepts it once a month when the abatement crew is in town.

As far as not permitting, that could come back to bite you if you resell. You might not need to pull a permit if you aren't involving any structural changes, but re-routing electrical in walls typically requires a permit/inspections. Your project, your call!