Phil,
I am going to pass right now, but thanks. When I get the sheet rock hung, I am just going to go step by step with a meter and see what works. I don't want to collect dust either and the fabric wraps certainly will do that. My plan is heavy insulation, hat channel, sheet rock and then see how loud it is up stairs. if it is too loud, I will look for used dropped ceiling and install that with another layer of dense insulation above the drop. Then I am going to try isolating noise at each machine as much as possible. Vibration pads on all feet; separate enclosure around the dust collector because I cannot move it outside with foam glued to MDF panels to dampen as much noise as possible. Probably a confinement base around the router table or at least 3 sides of it. That still lets lots of noise out but I can nearly eliminate the bounce noise. In any case, I am going to buy a meter and simply test each idea as I go along. I have already purchased machines that are on the quiet side of equipment (spiral cutter heads, etc). I appreciate all the input from everyone.