You are correct in that fiberglass effective R value drops a lot with convection, and leaving a 2" gap with the fiberglass exposed to the vented area will do just that. If you decide to leave the gap, it would be best to seal off the cavity with a vapor permeable material.
If it was me, I would drywall the non vaulted section, and vertical walls in your loft. Wire your ceiling. Spray foam the backside of the drywall with 2" closed cell and blow in cellulose. Your vertical sections right now are not framed for adequate insulation, so you could either add support for blow in, or go thicker on the spray foam. I used another R60 blow in cellulose after spray foam. Your vault section is not huge, so either go with 4" (R20 for zone 5) see table below) spray foam directly to the deck, and fill the rest with bat (tightest, most efficient solution), or go with the R38 and air gap. Again, check on the vapor barrier/insulation ratio for your area.
The minimum r value of foam in your vault should correspond to the table below:
R-5 foam for Climate Zones 1-3,
R-10 for Climate Zone 4C,
R-15 for Climate Zones 4A and 4B,
R-20 for Climate Zone 5,
R-25 for Climate Zone 6,
R-30 for Climate Zone 7, and
R-35 for Climate Zone 8.
Read more:
http://www.greenbuildingadvisor.com...ild-insulated-cathedral-ceiling#ixzz3sQj3orvu
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I general contracted our net zero (ish) building (about 9000 sq/ft) three years back using that technique as well as a furred air space wall assembly. The building at -20C average for February was only $228 to heat 9000 square. At temps above 5C, no heat is required as the occupants/computers/lights generate enough heat. Once we add some roof top solar and storage, the bill will be zero.