Blown in tends to have fewer gaps in the insulation coverage.

I'd be worried about the insulation panels supporting the weight of the blown in insulation. You'll probably want a drywall ceiling. It will also allow you the flexibility to install any power outlets or lighting fixtures. You'll definitely want to do that before any blown in. Having the plywood on top of the joists will make installation pretty difficult.

In your case, I would just go with fiberglass batts. Get the kraft faced stuff and staple them to the joists. You could add an additional layer of rigid insulation if you wanted, but you would still have the previously mentioned issue with lights or outlets. This won't be as airtight as blown in, but it would be a lot easier.