Caveats: My room is carpeted, so I realize I've screwed that up. Unfortunately, I can't justify replacing the carpet with hard surface right now. Also, I'm trying to keep this under $500 because the music is a hobby, although I realize the physics of acoustics don't care whether I'm charging people or not.

I've seen some posts about putting rolls of insulation in the corners. Would it be effective to take 8' lengths of unfaced insulation and create a 10-12 inch roll by compressing them, binding, then wrapping in fabric? I would then stand each up in a corner and basically strap it to the corner.
Next question: If that's effective, any reason I couldn't do the same thing in the ceiling corners?
Last item: I've seen examples of the superchunk type traps going all the way around the ceiling corners from wall to wall, and other examples where they were placed intermittently. The graphic calculators I've found seem to put my trouble spots smack in the middle of the spans, ie, 9.5' on the long walls and 7.5' on the short walls (obviously in the tricorners, too). Would it make sense to put traps in only the middle third of my spans?
I'm also planning to make a few panels for the walls, but wanted to take care of the corners first.
Thanks for any advice.
Tim