Ryan, if that room is as claustrophobic as it looks you wouldn't have space to put slats on the side walls, and they would probably cause some wierd early reflections even if you could. I'd probably mount the 703 stood off the wall by a couple inches if you can, making sure you cover any parts of both side walls where you could put a mirror and see either of your speakers in it. Then I'd use more to put a "cloud" over the mix area, and the rest at the rear of the room (stood off by several inches if possible, to get lower absorption frequencies)
If that's carpet on the floor, I'd (temporarily) cover it with plywood or (permanently) replace it with ANY reflective material (pergo, vinyl, etc)
You've got a good start with the flush mounting on your speakers, that in itself is helping the room a lot.
You might be able to do a slanted slot over the mix area that's tuned to 300, sort of like Son of Mixerman did - this would deflect early reflections to the rear to be absorbed, while taming the 300 hZ for you.
Have you determined where the 300 is coming from? If not, what are your room dimensions? I'd be glad to run them for you if it's not already been done... Steve