You can compress loose fiberglass like that and make it work. To get it to approx OC703 density, you'll need to compress it approx 4x. Realistically, by the time you spend all the extra time and have to buy the extra materials to hold everything in place under tension, the 703 turns out to still be about as cost effective and a LOT less work.
well i happen to have a roll of wire sitting around that i bought and only need about 6 feet of(so i got plenty left) and i have plently of 2x4s already so really its down to insulation and i can get enough r-25 for a little bit cheaper than i can get enough rockwool. and time i got, money i dont haha. so actaully the r25 would be the easier route but i dont want to take that route if it isnt going to perform well