Lining the room with a lot of high density insulation behind the studs would definitely help reduce bass issues. The concrete will be highly reflective to the bass signals and tend to wreak havoc with in-room response. The high density insulation behind the walls would attenuate the waves before and after reflection, reducing issues you would have with standing waves. On top of the studs you can build a normal wall, finished the way you want. Then add room treatments at proper locations for good sound.