I don't know that the pipes need to be higher up out of necessity, but mine are up out of the way. It works. Yours could be lower. Mine is not a "loop". It's just a long stretch that I've bent into a U. Maybe I'm getting away with it because my pump is oversized for what I need. I will say that the end of the line does seem to have a bit less pressure. But it's not horrible. I could pretty easily cut into it and complete the "loop". I have no plans on expanding anything, so I should be good like this. I would guess you could get by with the same setup.
Here's a way simplified version that's in my fishroom's... side room. 😄 Separate pump, it just a couple tanks, couple aging barrels, and a couple brine shrimp hatchers. This type of setup would be plenty for your setup, I would think. Just make it the width of your tank and pre-assemble two drops per tank on average. There's different colored PVC or paint that sticks to PVC that you could use if you want it to blend in a little better. I didn't glue or seal any of my joints. I don't hear any leaks, but I'm sure there's some loss. If needed I want to be able to disassemble and reconfigure.
Both of the airpumps that I'm using are fairly quiet, but I'm not sure they're "living room" quiet. It might make sense to run something through a wall and put your pump in a different room or a closet. Not sure about your house layout, but that's something to consider.
Edit to add: one of the benefits of having it all up above water level is there's no chance of a siphon starting if your pump fails.