Room treatment

I'm facing the reality now that I need to treat my listening room acousticly. I've had my system in the basement for at least a year now with concrete on three sides and one sidewall with wood paneling. The ceiling is tongue-and-groove. The room is about 12'x 20'.

Acording to my research, 50% of SQ is the room, costs of $4000-$5000 are common, and most audiophiles will spend those g's on gear before they will spend them on room treatment. Only one or two companies make foam that is actually effective since other inexpensive foams like egg carton foam are not dense enough.

It is possible to make low cost acoustic panels with Corning fiberglass blankets framed in 2 x 4's and covered with fabric, and one critic who hired an expert to treat his room shows a pic his ceiling hung with these panels in a pattern.

I am willing to make these fiberglass insulation panels but I want to run this info by the members first. Am I missing something or are my choices limited to either these low cost panels or the 5g treatment?