After that I am looking for material readily available to build sound panels and besides the acoustic fabric in-front of the speakers that is going to be "all" that I do as start-up for the HT.
I assumed from the above that you would be covering the false wall in fabric, though re-reading it I don't know why I reached that conclusion. Thats why I suggested putting the fibre board behind the false wall.
Putting fiber board behind drywall would still give you absorbtion, but I don't know what the effect would be. That would be a question to post on one of the two forums I linked to.