DIY Recording Studio

So here's the basics...

24'x24' basement 3 walls floor and ceiling concrete with one wall stud construction.

Basically what I want to begin with are just ideas on how to optimize the space acoustically and spatially.

What I was thinking is that due to the large size of the space and the extremely reverberant nature it would be best to have a small booth which would be soundproofed and as close to anechoic as possible inside. The booth could be perhaps 1/5 of the space.

The rest of the space I'd like versatility with perhaps so that it could be extremely reverberant, nearly anechoic or somewhere in between. To do this perhaps large panels could be made and covered with sound absorbant wedges which could be hung on walls or stored in a closet perhaps.

What would be the best way to make such panels? Is it possible? Any tips on building a recording studio at all, let me know

Thanks guys