Rives...thanks for the comment.
The results from adding the panels have been very good. I started by completely covering the front and back walls with the 2" thick panels. I then installed panels 2" thick on the 4' tall knee walls along the left and right side of the room. Finally, I added 1" thick panels on the sloping ceilings along the left and right sides of the room. At that point is where I may begun hearing some of the effects of over damping, but the sound is much better now than ever before.
As I remove and cover the panels, I will be doing so in such a way that I can remove some panels, listen to the results, and see if the removal of a few of these panels will "brighten" the sound somewhat. Although my stereo sounds much better than ever, a little "less dead" would be better.