Some "Acoustical engineer" at a recording seminar (clinic... whatever it's called today) once responded to a question about egg crates & foam like this:
"Hold an egg carton up between you and your mic and talk... does it make any significant difference? No. Go buy some proper acoutic foam."
Of course he was an arrogant prick. (At least that seemed to be the general concensus) But he has a point...
Hold various materials up between your mouth and a friend's ear and talk... try stuff out and see...
Another very impotant thing he mentioned about acoustics & recording... no right angles. Make sure the booth is not "squared off" ie: walls cannot be 90 degree angles.
I could get into a 10 page discussion as to why complete with calculations, but I won't... unless you all really want.
Another thing, 5' x7' is a bad ratio... The optimal room size is 25' x 25'. With a room this size you can achieve just about anything you would want to in
a multimedia studio and it will so give you good room acoustics. The minimum size being 12' x 15', but you will have to deal with early reflections off the back wall... there's actually an entire section in Math dedicated to this sort of sound wave behavior. With the right set of equations you could probably eliminate most of your acoustical problems.
Of course the 25' x 25' assumes you'll be adding refractors etc...
... Unless you're just using this as a vocal booth??
- Tanlith -