I just finally (almost) finshed mine this weekend actually.
Long ago I built one to house my amp (Fender Blues Deluxe), 40 watts of loud when cranked up. Made it BIG so it could hold the amp inside with room for mic, and some absobsorbtion.
it sucked, horribly. It kept some sound inside but when turned up at all, it just cut through, and was insanely loud. So i read up a bunch more and became convinced of a few things:
1. Keeping a tube amp in a box is stupid, it will get hot fast and melt soder connections or who knows what else.
2. A box within a box is the only way to really cut down on the projected noise from a 10 or 12 inch speaker pushed hard.
So months went by while i moved and worked on my house, and got most of the studio space set up in the basement. Then I got around to setting up the tools for my workshop (some medium intensity woodworking). And then i picked up a bunch of plywood for next to nothing from the cull lumber section at home depot. Built a smaller box that is big enough for a speaker and mic. Mounted the speaker by itself inside the box, left the amp itself (now a head, essensially) outside so i can twiddle knobs while it is all fired up, but with the speaker locked away inside the box.
Last, i hooked up a longer cable to go from the amp to the speaker and powered everythign up and... beautiful!
I can crank the damn thing to kingdom come and it just sounds like someone is listening to the radio in the next room. stuck a 57 in there and fired up cubase tweaked knobs and instant nice tone at my fingertips day and night without fighting the room, my girlfriend or the neigbors.
I could still seal all the edges, especially of the original outer box, and perhaps try to build some more speration between the boxes, but for my purposes right now, it rocks.
Oh one other idea you could add to yours, i took the speaker and mounted it to a piece of 3/4 inch plywood, and then built a simple slot to feed the plywood into the smaller box and hold the speaker. Now, if i choose, i can pick up some different speakers (matching impedance of course) and just pop them out or in depending on what i might want for a tonal effect. Soon as i can afford to buy some speakers, i'll try that out.
hope this helps a bit,
Daav