but are now considering the potential better option of a carpeting that is more the shag style, similar to what is found here:

We have a room with an 8' ceiling, which peaks at 10'6", that is 12' wide by 35' long. There are windows, a couple doors, and the walls are textured drywall. It is on grade/concrete slab, and has nothing above/around it (it's an addition to the side of our house).
Though we primarily produce with electronic instruments, there will be some acoustic recording, however, the purpose of the sound dampening in our case is more for mixing than recording. This is a home studio, semi-pro, and not for hire.
Other considerations: If we sell this house, this area/room will be listed as a mother-in-law suite, and therefore we must make decisions that are somewhat neutral for that purpose.