Hmmm....Does regular 1/2' cellulose soundboard that you can buy at many lumberyards, have any positive acoustical properties? Fiberglass needs to be covered and a frame constructed because it can't be hung on its own and the thickness would be a problem. Maybe I could coat soundboard with heavily textured paint, the type that is used to texture drywall, to create an irregular surface for some marginal diffusive qualities.
Raj