No... if you're covering to treat modes, this won't do it.
to treat modes, then corner traps are what you're after, either diaphram or slat/perforated or Auralex type foams.
if this room is for mixing, handle the early reflections from the ceiling or additional treatment to acheive a particular decay rate, so treat the ceiling at the angle of incidence for early reflections, and full coverage in that area. same for the walls. concern yourself with early reflections. if it's for tracking, then consider spreading the treatments evenly. still going for about a .5sec to .7sec reverb time, depending.
anyways, you should not cover all of any walls. what you want is to treat the room for an even decay rate across the frequency spectrum (.3 to .5 sec). this means traps, absorption and diffusion.
leaving gaps in absorption, adds to diffusion that is created at the boundries of the absorption. also, using hard corners on the absorbing units, adds to diffusion and also increases the absoption of the unit (unit seems larger than it really is). so leaving gaps berween the units, achieves better absorption than fewer larger-unit coverage and adds to diffusion. if you need to cover 64sqft then 4 - 4x4 spread out is better than 1 - 8 x 8.