David, I like what you suggest, except a path for allowing the fiberglass to vent through into the "box duct" is required. It may be that the styrofoam will allow any moisture to migrate through, but I have heard too many horror stories of water building up in cathredal ceilings to take a chance. I would still perforate the styrofoam to make sure any moisture can pass easily through.
Regards,
Dodgeman