Actually, there is good reason to cover everything. If you miss a few flat areas, they can deflect the sound, and then it comes out of the holes in the case. With reasonably quiet components, such material can help, both in adding mass (it's not coincedence the P180 is so great for quietness and is also 30+lb!), and absorbing some of the sound--it can remove an extra little bit of the noise. However, it will be nowhere near the amount of noise as if you actually used quieter parts.
Falcon isn't going to start out with crappy parts, where many people end up doing so (dunno what the OP has for a case). Really, that's quite important. If you start out with a Raidmax <1mm thick case with a poorly-mounted window...nothing will help. If you start out with a Evercase 42x2, OTOH, you just need to do a little work, and keep noise in mind when upgrading.