Thanks for the reply Bryan.
I need to keep the speakers as close to their normal height as possible - raising them up just puts them out of their best position for listening on the tweeter axis. I think adding the plywood or MDF between would add too much height.
The foam is dead easy to work with. It cuts with a sharp knife, it's slippery, and there is no need to cover it up other than aesthetics. I would think the 705 would be a bit more messy to deal with. But I am willing to try it.
Does anyone know of a source for Ethafoam 600 or 900?