2 layers of standard drywall is about the most cost effective method to help minimize bass transmission there is - no need for fancy stuff.
Insulating the cavity, as I said, will help with mid/high frequencies and WILL also help damp cavity resonances in the bass. It won't stop them but it will help to keep the cavity from acting quite so much like a drum. Think of a bass drum with and without a pillow in it - same thing.
As for the heat, moisture, etc. - putting insulation in the ceiling should not cause a problem. It's no different than insulating interior walls/ceilings in a bathroom (and that's a much more temperature/moisture variant situation). Again, the best way to deal with heat buildup is to make sure you have sufficient cold air return capacity in the space. I'd bet a good amount that if you measured 2 identical rooms, both with double drywall ceiling, one with and one without insulation in the cavities, after a couple hours of similar equipment operation/people/etc., there would likely be less than a degree or 2 difference in the temperature in the room.