I did similar with the insulation board. I bought 2 pieces of 4' x 8' then used duct tape to make a hinge so that I only have 1 side exposed til I need it folded out. I did use regular spray adhesive to keep the batting [what I used instead of felt or flannel, because I had a lot] on the insulation. A friend came over and helped me with this.
Another friend helped me make a g rid using ribbon so that the larger open design wall in now in 12" grids with diagonal markings from the corners.
I don't know how long I've had mine, but it has been years now.
I did make a vinyl cover for the bottom of the wall so that it wouldn't get dirty near the floor. I slide the folded wall over a built in desk area where I keep my serger, so now the serger is artifully hidden from view.