Okay... showing off the yardrats! lol I bet they can't wait for you to get finished.
As far as the riser is concerned, I glued or maybe I used liquid nail and then I think I pre-drilled holes and screwed it down, a sheet of 3/4" MDF for the floor. Then I treated it with Thompson water seal. Then padded and carpeted as normal. I think you'll wanna put a step there... that's a pretty big step up. Either a small width step on each side or one all the way across. In that step up you may want to consider a phone jack, computer connections such as a ethernet jack and maybe a port for games, and at least one electrical outlet.
Erik might be able to hook you up with a good sub... not sure if he can do mail order or not, but he could at least point you in the right direction. Another consideration there would be IB... which I know nothing about other than I know some folks who have done it with a utility room behind the front screen wall similar to what you have. You simply mount a sub in the front wall and the utility room is the volume of the box. Again, I'm not well versed in this area so I'll stop there.