I used to do that as a kid, had planes hanging all over the place.
A cool trick is to stretch out cotton balls and be creative with grey/black spraypaint to simulate smoke. Can make it look like it's getting shot down.
lol, you're describing my own room as a child! I had the largest furball imaginable happening right in my bedroom, involving everything from a P-40B right up to an F-15C and a B-1 bomber, all turning and burning! All hung from the ceiling from the thinnest monofilament fighing line I could find so the line would be as invisible as possible. IIRC probably ended up having somewhere in the order of 20+ models hanging from the ceiling of a room that was about 12x14 (as best memory serves).
We've already got all the kits waiting to be built to recreate some great dogfights in his room, problem is I'm so slow building them that it'll likely take a few years to put them all together.