I bought some Owens Corning 703. Now what?

"....My question is: What are some useful experiments to do with the panels and where in the measurements might I see some changes? ..,"
    I don't see, with all of the advice given, where anyone has stressed the need to examine the corners.  That is the first place that I would start with.  Others have already given good advice for ceiling and walls, but suggest that you ignore the guy who wanted you to wrap yourself in fiber glass.  Good luck.

@ 4krowme
You forgot to mention the importance of wearing safety goggles with your very informative instructions. The eyes are one of the first points of entry for that crap to enter! 

@bigwave Thanks so much. Bass is primarily what I have been measuring in my room. Moving speakers, listening position, the sub, doing the sub crawl, etc. But this chart looks very handy and may have some ideas I've missed.

@assetmgrsc I've definitely been interested in corners and will give them a hard look. Yeah, and no fiberglass Santa suit for this grinch.

In looking at your room diagram, I was wondering if you notice any sort of channel dominance or time alignment/phase issues being made from the right wall: I think the bathroom is along that wall.  I ask because of how close and oddly comprised that wall, and area are verses the left side (from couch position).  I would think you would be hearing or experiencing some different characteristics from the right verses left channel.  I have a slightly similar issue in my listening space, only drastically more profound.
One test I did to measure and see how dramatic the difference was, I played a simple instrument tone from violin or any stringed instrument.  I disconnected one channel/speaker and documented sound qualities, characteristics, feeling, essence, issues. Then swapped and did same with other speaker only, and did same process.  It was amazing how different the sound was coming from each speaker because of the asymmetrical distance to walls.  Granted to be noted this would change again when both were playing (phase, cancellation, other time delays, smearing, etc)  but this gave me a very accurate and dramatic test to at least find ways to contend with my one odd wall due to distance from speaker to it, verses the other and it's vastly more open air. 

I would wonder if going dramatic with this test, and then use all the panels along that bathroom wall to just hear if and what difference there was to just know/have as reference.
I think your and other members thoughts on the ceiling are spot on!
Behind the speakers I want to remember would help with focus and again, smearing/blending. 

Best of luck.  Any room acoustic improvements produce vastly greater impact on your listening experiences than anything.

Sorry I did not read all the above suggestions so the may be a duplication. I too bought a dozen pack of the exact same material,
assembled a frame and wrapped with a soft fabric color keyed to the wall colors. The immediate improvement was dramatic.
Positions to try: Ceiling reflection spots between speaker & seating.
As you have no side reflections that eliminates the 1st ones otherwise needed. If there is a wall behind you add a couple there.
Same for the area between the speakers. Glass surfaces are bad and benefit from attention as well. How many you need will in total will depend on the amount of existing absorption material in the room. You have carpet so that is very good. 
Smart question. Good luck!