monitors wont improve your recording quality, just your ability to mix.
Acoustic treatment on the other hand will help the sound quality of your instruments as they will be more clear and defined.
If you build moveable traps you can move them in between the live and control rooms like I did at first.
Then you will have a treated mix room as well, which will help your listening abilities allowing you to mix better.
Owens Corning 703, Roxul Mineral Wool, and Other Acoustic Materials
Not to mention if you play in the room youll notice the results instantly
Best $700 I've spent yet.