Fortunately, I don't have to worry about sound or odor. Absolutely nobody from outside the house is ever allowed in here, ever. You couldn't smell it or hear it unless you were practically in the room anyway, but still. We take no chances.
But at any rate, yeah - all I have to worry about with my air exchange system is temperature and humidity control. That allows me a lot of latitude in how I adjust the fan setting. In winter, I often dial it back to 2/3 speed or even half, which still allows plenty of air exchange but helps the growing area to retain some of the heat from the lights. If the temps get above the low 70s, I crank it up a bit, if it gets cooler I dial it back. Summertime, I crank it to "11," and it sounds like there's a space shuttle taking off in there. But it's cheaper than running the air conditioner (try to keep the electric bill down, so we make an effort to synchronize the grow room temperature with the ambient temperature of the house using fans and ventilation as much as possible.) Small circulation fans are on 24/7 no matter what.
Vostok's method is interesting, though. I'd be tempted to try it, except with several 1k HID lights, I'd be concerned about extreme temperature fluctuations between "fan on" and "fan off" periods when the lights are on. Vostok, how do you get around that, or is it just not a problem?
Speaking of paint, though, part of me has always wanted to give this a shot and see what happens - but at about $200 a gallon, I'm not sure it's worth the experiment...
http://www.amazon.com/Acrylic-Paint-White-Reflective-Index/dp/B00GR5VS58
It's what they use to paint the stripes on roads and that sort of thing. I would imagine that if you put that in a small room with a 1000 watt light, you'd go blind without your grow room glasses.
Good luck getting your system dialed in, though. I'd be curious to see how it turns out.