Mike,
> Would the absorption capacity of two panels be different? One panel 2' x 4' x 4" thick. The other 1' x 8' x 4" thick. <
They would measure the same in an acoustics lab, but in practice they'll be different depending on how and where you place them in the room. For example, when mounted straddling corners having a width of two feet works better (absorbs to a lower frequency) than only one foot. But then again, having one wider panel in one corner might be less effective than two narrower panels in two corners because of the way bass propogates around a room.
So the real answer is it's not practical to compare these two options!

--Ethan