Dynamat is excellent stuff, but, if you're doing much with it at all, you can find aluminum backed tar paper for MUCH cheaper. I got a huge roll, 3 feet wide and 40-50 feet long for 30-40$, and it works exactly the same as dynamat.
Unfortunately, that was ages ago and I don't have any links. I'll dig around and see if I can find something.
About the hinging and securing a top. One possiblity are those super magnets. I like the ones from Rockler. Their 1/2 inch round and have a surprisingly strong pull. drill out a 1/8" deep hole on the underside of the panel and on the top of the side so the mags line up and epoxy them in place. When you close the panel, they clamp down nicely.
You actually might have to play with it a bit to get the right amount of release, otherwise, you could end up needing a lever to pry them apart!
But,the velcro idea is pretty good too and that industrial version holds incredibly well.