I post it here too:
Did something similar today, and I'm very happy with the outcome. I used sponge, and both the outer and the inner damping have audible effect. The outer part helps preventing resonances in the back of the housing which are present because unfortunately AKG didn't take care of the problem. The inner part has even more effect: depending on the thickness/airiness of the used material, it can soften the trebles. First I used some 3-4 mm thick sponge, it made the trebles really soft and the headphone overall much less brighter, it was a bit too soft for my taste so I changed it to an approximately 2 mm sponge and it is working for me: trebles are not that spikey any more, they are more natural, yet detailed and can bite when they need to, but can do silky laid back treble also which was not the case before. I always liked the K550, it sits comfy on my head, have a good seal at 4 and 5 positions, I just felt that the treble has some unnatural plastic sound and it can be too sharp sometimes. It can be solved with the above method pretty easily, and with it the overall sound becomes more coherent, balanced. I am not a fan of mods, but this one is working and should have done by AKG.
It's easy and makes a very audible difference. You can play with the thickness in the inner part, it's like a fine tuning for treble. Let me know your thoughts if you tried, maybe other materials work better, bot for some reason AT and Sennheiser uses sponge at the back of the driver.