Ah... A diffferent story now...
If this is a temporary space, then things change a bit.
The 4 panel dividers won't do a lot to keep bass in but they can certainly help with the imaging part.
If this is temporary, I'd leave the floor carpeted for now and then change to hardwood when you go to a dedicated space elsewhere. This will save you $$$ now on figuring out how to do the ceiling and then later on fixing all the holes to hang stuff!
Sounds like a good compromise for everyone both now and later.
The only reason I was asking about equipment was for
1. Screen size
2. FP or RP
3. Sub capability to fill the larger apparent space due to the openings. When you have an open room like that you have to consider the whole volume of space that needs to be pressurized by the sub.
4. Potential location issues for surrounds
The screen size will determine to a point where the seating goes along the length axis of the listening area. Again, you have modal issues to deal with as well as the doorways but you gotta do what you gotta do. Just don't:
1. Put it halfway of the room length
2. Put it right against the back wall - leave at least a couple feet if possible - more is better.
The 703 you found is OK. Usually 1" is more widely used and then just spaced from the wall in some places if you need more absorbtion in the lower mids/high bass. The issue is really getting someone to sell it to you. It's a commercial product and a lot of people won't sell to an individual. Many of the places that will online charge exorbitant prices for shipping because UPS and FedEx consider a box (2'x4'x1') to be oversized even though it is light. I've seen shipping for a box be more than the cost of the box. Maybe you'll get lucky and someone in your local area will sell to you. Check insulation houses, HVAC places, etc. $0.50/sq. ft. for 1" 703 is a good price.
If you make the panels so they are hanging on french cleats, they'll be easy to remove and reuse in the new room when you move there. Just a few toggle bolt holes to spackle and paint.
Good luck.