"Whats the ideal thickness of the 703 for this application?" -
About 6 feet... :=)
OK, maybe only 4 feet... Seriously, the thicker the absorbent the more absorption - the DENSER the absorbent the more low frequency absorption per unit thickness - the further the absorbent is spaced away from a boundary (wall) the lower the frequencies that will be absorbed - practically, a couple of 2" layers across the corners (4" thick total) should get most of it done. Using a corner varies the distance between absorbent and boundary, so will broaden out the range of frequencies affected by the trap. This is why the wider you can make the front angled absorbent, the deeper bass will be affected.
Keep in mind, though, that this is NOT the way to control really DEEP bass - it's a 1/4 wavelength formula, so optimum absorption for 30 hZ, for example, would have the absorbent placed 9.4 FEET away from the wall (wavelength(in feet) = 1130/frequency, = 1130/30, which is 37.66 feet, /4=9.416 feet. (Thought I was kidding about the 6 feet thing, din'cha?)
For those reasons, low bass is better handled by panel traps (similar to Ethan's) or slat resonators (tricky to build for those low freqs or the areas behind splayed walls/sloped ceilings, where there's some depth to play with.
With your room dimension ratios, you're gonna need a fair amount of treatment before you're really happy with the sound - what I'd do is just go buy at least 30 2'x4' pieces of 2" 703, and start playing with them starting with the areas we've already talked about... Steve