Hello all. I worked for Owens Corning for over 13 years and supported, from a technical side of the business, commercial boards etc... that 703 is a part of. First off, insulation will not kill you, breathing in insulation may be a slight irritant to some people but for most it is fine. Yes wrap the panels, insulation is ugly on the wall.
Remember first what you are trying to accomplish in a room. There are several ways sound can affect acoustics in a room and there are several ways to control it. Diffusers, blockers, baffles, Insulation will help with reverberation in the room by absorbing it. There is an actual science to it and too much absorptive material (700 series fiberglas in this case) can be bad, too little can be bad. The best way to narrow it down is to calculate the amount of reverberation in a room and then calculate the amount of material you need to absorb the appropriate amount of reverberation. Thickness of the panel matters as well because thicker material will absorb lower frequencies better than thinner material. I can go on and on... but think about what you are trying to accomplish and choose the right material for the job.
Remember first what you are trying to accomplish in a room. There are several ways sound can affect acoustics in a room and there are several ways to control it. Diffusers, blockers, baffles, Insulation will help with reverberation in the room by absorbing it. There is an actual science to it and too much absorptive material (700 series fiberglas in this case) can be bad, too little can be bad. The best way to narrow it down is to calculate the amount of reverberation in a room and then calculate the amount of material you need to absorb the appropriate amount of reverberation. Thickness of the panel matters as well because thicker material will absorb lower frequencies better than thinner material. I can go on and on... but think about what you are trying to accomplish and choose the right material for the job.