Room dimensions - can this work?

Should be fine, Jim. The Totem's can work quite close to walls (maybe as close as 1') so won't eat into your 14' too much. You also have the option to play with the mass loading available in the base of the speaker to tailor the bass to suit the room and your taste. My only question mark might be on the subwoofer - perhaps this might represent overkill in a 14 x 12 room.

Yes, it is big enough, of course it would be nice to have a larger space. My room is not much bigger. I made the mistake of wanting to have other family members have their space in the basement as well. Mistake. Should have been a little more selfish in this case. None the less. Make sure of the furniture size of chairs and such. If you put in a recliner, best to buy the wall hugging type. May want to install dedicated AC for your gear if possible. Run wiring for HT just in case. A lot of guys here can give great advice and tips on the renovation. Your room may be on the small side but it can be beautifull. God bless the audio person that has their own room.

I wish I had your space. My room is 10.5 by 12.5 by 8.4 feet. An excellent system can be built in a smaller room, but smaller rooms have their own challenges.

The trick is to make the room larger acoustically than it is physically. Make the front wall, the two reflection points on each side wall, and the first reflection point on the ceiling acoustically diffusive. Make the back wall absorptive.

A search for "small room" on this site should return much very useful information.

Regards,
Jim Bailey