I guess that before I tossed a couple grand down for testing purposes, I would spend it on a tried and proven insulation. The shredded rubber that I have seen in the retread shops, is the size of hash brown shreads that you get at the resturants. (at least in this part of the country). I would guess that in time you would expierience some settling, which would call for more applying, and making it more dense, thus reducing it's R value. I am guessing.
Also, I wonder if there would be an issue with spontaneous combustion of shredded rubber. I have never heard of it , but I dunno.
BTW, nice links guys. . Lots more food for thought... .