OK, now we know what you are trying to do...
you are likely going to receive a variety of answers, most will probably be at least partly correct, and at least a little helpful...
I'll start with the obvious - hire an acoustician or studio designer who knows how to do what you wish, and has a few scars - I mean experience! In the long run that will be the best, and least expensive solution. There was a time when the folks at Auralex, and some of their competitors, did a darned good job with their recommendations. From what I've heard, that is no longer the case... which is a shame, but given the nature of the marketplace, probably not a huge surprise. They need to sell product to support the service.
If it were me - and I am making a LOT of assumptions here - I'd do the following:
1) I would do a sound study of some kind, even if it is only leaving a recorder in the room for 24 hours and then looking to see if noise is a problem and when noise is a problem, and if it is a problem what it looks like. At that point you can make an educated choice on whether or not to reinforce the walls to provide some level of isolation (keeping noise out and keeping noise in are pretty darned close to the same thing!)
2) I would try to demonstrate to you that tracking and mixing are two VERY different activities, and that tracking a guitar amplifier is way different than tracking a singer... and that expecting a room of roughly 110 sq ft to do both well will be challenging. I'd also probably try to convince you to focus on mixing, since it is likely you can find other spaces to record...
3) if I won that argument<G> we'd start by finding the optimum location for your ears and some generic set of monitor loudspeakers, or, if you already have monitors that you like we'd use them for the model... then we'd add whatever acoustical treatment is necessary to tame the room from the ideal listening position. The tools available to you are reflection, diffusion, and absorption. Only the last one of those will really help with low frequency problems, but with those dimensions your LF problems may be fairly easy to address.
4) Once we had a good monitoring environment then we could look into setting up environments for tracking different types of sources.
This is one person's approach - and remember what you paid for it... it's worth nothing more<G>!