@knighttodd - you might want to try this before going the panel route, mainly because it is easy, effective and cheap.to try.
A few years back in my old house the room was 12 x 15 x 8 (high)
- I hung a piece of vinyl behind the listening position where the ceiling joins the wall
- the vinyl was 24" tall and 10 ft wide and it made a noticeable improvement
- you can use plastic table cloths from a dollar store to proof the concept
- I later install a vinyl roller blind and found that the length of the vinyl only needed to be about 18" - 20"
- I did try longer but it made no furhter improvement
- The heavier the vinyl the better ( up to as point) - I would suggest not exceeding 1mm thick
I little while later I tried the same approach out at a friends condo - it was a concrete nightmare...
- 12 ft ceilings, concrete walls, hardwood floor, open plan
- but the vinyl made a significant improvement
You can now buy clear vinyl up to 1mm thick from the web, which makes for a near invisible solution
I also tried additional vinyl behind the speakers, but it did not improve things any further
I now live in a diffeent house and the system is in the basement, which has a couple of dropped ceiling sections going across the room and it provides the same benefits as the vinyl drape
Hope that helps - Steve