Green Glue can work very well. IMO, if it's a matter of GG or spreading it out on other things and doing the HVAC, I'd opt for the latter. Build your walls 1/2" short and use PAC DC-04 clips to isolate the walls from the structure (better bass isolation). Use PAC RSIC-1 and hat channel on the ceiling.
Pay very very close attention to the HVAC system as it is the easiest path for sound to move into and out of the space. You can use simple flex duct isolated in an MDF box with at least 3 90 degree bends and at least 4-5' between bends between the time it hits the vent and the time it leaves the box. This will give you pretty good iso for little money - just some time to do it.
IMO, this is a better overall plan of attack with your funding. You can always add another layer of drywall and GG later if you want but the framing, structural isolation, and HVAC need to be addressed now. Since you're doing a simple acoustical plan, visible panels are easy up and down to add drywall later if needed/desired.
Bryan