That's the way we went on the walls for our polebarn - although I didn't do it myself - we hired it done.
As I recall, it was very cost effective - I think a good bit less than $2K to do the walls on a 42' x 72' barn to a height of probably 13' or 14' and depth of 7" - which yields a R-value of 27 for the walls. (One wall does have three 12' x 10' overhead doors tho' ...)
You can read a description of the process (with pictures) in my polebarn thread beginning with the following post:
Insulating the barn with spray-on cellulose insulation
The crew was in and out in less than 6 hours IIRC.
I'm glad we hired it done. I think
spray-on "wet" cellulose is probably one of the most economical ways to go to :thumbsup: