Thanks for all the feedback.
I plan to frame the room with 2x4s, use the Rockul sound insulation between the studs, and sheet rock the inside and outside walls. I'll use an insulated steel door. It sounds like I can expect about 10db of reduction and that would be fantastic.
The Oneida folks said I should have a return vent of some enormous size -- 8 or 10 sq feet (I can't remember the exact figure) for the 5hp machine. I was planning on a 4 sq ft air return. Will the 2'x2' vent provide enough air return or do I need to increase it even more? I rarely use more than one machine at a time, so I doubt that my CFM is all that huge.