The best wall construction

Hi! I'm planning to build a new wall in my basement/dedicated listening room. The wall will separate an open space on the left from the left front speaker. Now the basement configured in such a way that it only has three walls: front, back and right.
So here is my question: the proposed wall will be only decorative, but still will need to serve certain acoustical purpose. How and what from should it be constructed? I was thinking about 2x4's covered with drywall from both sides. What kind of insulation do I need to use in between? Can some kind of acoustic panel be built-in in the first reflection point, or I will need to use hang-on acoustic panels?( I was planning to use DIY panels made from Owen Corning 703pressed board). Any input will be greatly appreciated. Regards.