I appreciate the replies - thanks!
Well, one important thing to consider here...
In my case, the room is terribly small, and
I hope to not have any evidence of the room size in the recordings. If I have any reflections at all, unless they were severely diffused (which is hard or impossible to do in a small room due to space constraints) I would think the room size may be revealed on tape... not good.
And yes, I will be depending heavily on good outboard reverb later on... and/or will be re-amping the drum bus into a large room and recording.
My original goal of covering the entire room with 703 was to indeed achieve a "flat" as possible overall response, but also to "hide" the room size from the microphones. Perhaps "sucking the life out" of the room is
necessary in order to achieve this. ???
I guess the only way to truly answer the question in my specific case is to, as some of you have suggested, start with maybe 50% 703 covering and then test / experiment and fine tune until it "works".
I also like the idea, as some have suggested, of maybe covering the whole room with 703, but then adding some wood panels etc OVER the 703 to put some life back into the room. But again, I am questioning if
"life" =
"ugly close reflections" that can potentially cause phase issues.... yes, the room is
that small.
Room... ummm... we're talking about 11.5' wide by 18' long, with a ceiling just under 7'.

Hey, sometimes you just gotta deal with what you've got. Real estate is expensive. But I have faith. I've done recordings in rooms that were actually smaller and was successful, so... it
can work... it's just that much more tricky.
Keep the comments coming. I'll be sure to report back with results once it's all together. I'll probably be sheet-rocking next week, etc.... still have a bit of work left before the inner treatment goes up... trying to plan ahead.