Dweller,
> I also have to address the spaces between floor supports, as I'm in a basement with a low ceiling. Doesn't this need the 4' thick 705? <
You'll get similar performance for much less cost if you pack the space between the joists with one-foot thick fluffy fiberglass. Rigid fiberglass is great when you don't have a lot of space, like when putting panels on a wall. But since you have a foot of depth there anyway, a foot thickness of fluffy fiberglass works very well.
> alternate between facing out and facing in, to allow for more high reflection? <
I prefer a totally reflective floor with a totally absorbent ceiling. Or at least a mostly absorbent ceiling - you could put the fiberglass paper side down along the edges. So the majority of the room has a completely absorbent ceiling, and a 2-4 foot band around the perimeter has the paper side down. Any place in the room you intend to use overhead mikes should be totally absorbent above.
--Ethan