Great discussion. Nice to see everyone's reasoning, and how no one solution is going to work for everyone.
I never seriously considered havelock mainly because I didn't see anything that made it 'better' than any other competing product, with the exception of being 'natural'. Almost all the data comes from the manufacturer. It's not widely adopted as a conventional building material so it has very little track record for long-term performance / problems. It's supposed to naturally fire resistant in test condtions, but I have my doubts, and it's far less fire-resistant than competing products like mineral wool (rockwool). It's supposed to be mold resistant but again - I have my doubts (serious doubts, here, considering it's organic, and I've watched at least one YouTube video where mold was cited as an issue by a van builder who used it) - and again... other products exist that are better in this regard. R-value is 'meh'. Cost is excessive.
Even if it is a suitable alternative in traditional building (residential), a school bus conversion is far from a forgiving environment. It's literally about as hard on insulation as you can get, and from every angle (vibration, condensation, temperature extremes, need for fire resistance, etc).
@tj-grant, you say it's a toss up between two options. Why just these two? If you wish to avoid spray foam there are countless other options available to you, pretty much all of which would do as good a job or better than wool in terms of thermal insulation. You may LOL ('cuz it's funny), but we used ALL the following in our build (in various places, for various reasons): rockwool, fiberglass, foam rubber, XPS, EPS, Polyiso, & 3M Thinsulate. Pretty much everything but sheep's wool and spray foam (haha)
I get the off-gassing thing, but many other products are effectively inert. Especially when you consider the VOCs of literally everything else you'll use in the build. The stuff behind my walls is the least of my worries in that regard (the walls themselves - plywood - are much more a problem!)