Ok - a bit of explaining what I'm dealing with. My enclosed porch was originally a balcony, and the flooring was originally a wooden deck with an open crawl-space underneath (enclosed and protected from the weather now, but completely uninsulated). For reasons I can't fathom it was originally a step down from inside the house. When it was renovated in 2011 the builder basically added a gridwork of 2x6" to raise the floor up to be at the same level as the interior, and then put 3/4" ply on top of that as the new subfloor. That's why there's this 5-6" uninsulated dead-space under the plywood subfloor and the original decking. Does that make sense?
So in terms of insulating I really have two options and could utilize either or both of them. I could apply insulation from underneath from the crawl-space, and/or I could put insulation under the plywood floor. Since I'll be putting down a flooring in the spring, there will be nothing else in that room. The plywood subfloor is affixed with screws and it would take me ~30 minutes to lift it all up - I'm estimating insulating would be at most a half-day job. But once I lay the final flooring down I loose this option. Hence my thought process of "any reason (other than a few hundred$ and a half-days' work) not to do it..." - it will either be then or never.
My main questions/concerns now is how to think of the moisture barrier. since moisture could potentially enter and/or escape through both the top and the bottom, where should I put the barrier(s)? Do I need two (one on the bottom and one on the top)?
Thanks!
Ah, that makes it *much* clearer! Thanks for taking the time to explain. This slightly changes what I'd suggest. Here's my current suggestion: Pull up the subfloor. Fill the voids (on top of old decking) with fiberglass batts. Lay a vapor barrier on top of it all, then screw down the subfloor. Cheap, fast, and you get R-19. Spray foam will get you a better r-value and better sealing, but it's more expensive and messier to install.
The rule of thumb for vapor barriers is "put it on the warmer side of the insulation". That way, the moisture in the warm air doesn't meet the cold, and doesn't condense. By comparison, if you put the vapor barrier on the *cold* side of the insulation, the moisture will travel through the insulation until it hits the (cold) vapor barrier, then condenses, and you end up with mold issues. QajakBoy is right about two vapor barriers--that's a no-no, as it creates a "moisture sandwich", which is a recipe for mold. Closed-cell foam avoids the whole issue, since it's a vapor barrier throughout.
Alright, as I'm typing I'm coming up with more thoughts (your description really spurred some creativity). Here's another idea:
1) pull up subfloor
2) lay down vapor barrier
3) reinstall subfloor
4) fill the voids between old and new decking with cellulose (cut holes from underneath). This will give you the good sealing properties of the spray foam and the cheapness of blown-in insulation
Optional 5) install batts between the old, lower joists. And enjoy your nice, warm floors.