Sound ideas.....

Moving into an older [1915] renovated factory.12 foot ceilings,cement floor and ceiling.Sheetrock walls.Going to put in 2"x2"x8'studs and hang wainscoating on them from floor up to about 4'.Wondering if I should put some sound absorbtion material,like Owens-Corning 705,703, fiberglass or just leave as is and use the 2" of air I'll be creating with siding.Been checking out several websites,still not sure.Thanks in advance,Bob