Hi Bart,
Welcome to the forum.
> is the fact that they are built on a common floor going to ruin my chances of preventing sound transmission? <
Yes, the principle of "weakest link in the chain" applies. But if you're going to all the trouble to build double walls and a hung ceiling, you can float the floor too. Or just accept that you won't play music really loud late at night.
> The wall inbetween the two rooms is ... <
I'm not much of an isolation expert so maybe someone else here can offer you specific advice. What I can tell you is you need to buy Rod Gervais' book. It's affordable, and has all of the information you need in an easy to read writing style:
http://www.amazon.com/gp/product/1598630342/002-5726990-8501645?n=283155 It's probably in regular "brick and mortar" book stores by now too.
--Ethan