I bought a 48" x 300' roll of 3/8 cork off ebay for cheap. I made paper templates of all the lockers and spaces on the baot and cut the cork to fit. Super-77 spary adhisve (3m) worked best for me. Contact cement was a joke, even on a sanded surface.
The cork was glued directly to the hull. It made a huge difference. my clothes are no longer wet. the boat is much warmer too. The ceiling area was insulated with rigid foam board. I just picked up anothe bare hull, I'll be using cork up there this time around.
The cork looks OK, but if you want you can be creative and cover that. In some areas I corked between battens and then ran mahonagny strips lenght wise for that classic interior look.
One cation with foam, many of the foams (rigid) have a skin. they don't flex reall well and the skin could part from the foam letting the while thing buckle a bit.