There are a number of sounding absorbing materials used inside speakers, each with pros and cons:
"Long Fiber Wool" - This was considered to be the best, but had to be treated with mothproofer to keep insects out. Considered to be the best sound absorber. I wouldn't know where to buy this stuff these days.
Fiberglass batting - this is probably what your plans call for. It is fiberglass insulation in "bats", sort of stiff, usally yellow. You can also use pink fiberglass insulation (tear the paper off). Fiberglass is terrible to handle. It gets in your clothes, into your skin, itches, you need to wear a dust mask or respirator to keep it out of your lungs. And still, it will be all over your shop area. Though nearly as effective as long fiber wool, I will not use it. I don't recommend it to you, either, regardless of the plans or effectiveness of fiberglass.
Dacron Poly Fiberfill - This white cottony material is my preferred material for this purpose. Easily purchased in bags of loose stuff to be put inside pillows, stuffed toys, etc, or in "batting", which is in sheets about 1" thick. This material is easy and safe to work with, and gives good results.
Waffle foam. You have seen this in the bedding department, foam cut in a waffle looking pattern, bumps all over. This works quite well. I use this or Dacron Poly Fiberfill, simply stapling it onto the back or sides of the speaker box.
www.acousticalsurfaces.com
R-13 Ultra Touch Natural Cotton Fiber Insulation (Thickness 4”) UT13516X94. Its under wall insulations
Gary, that looks great, and I'd certainly like to give it a try. I wonder where to buy it?