I would recommend enclosing the entire bench for the most affective results.
I say this for a couple of reasons;
1. You have a lot more air space between the source of the noise and the escape point of the noise. That is important because the more space you have to trap the noise, the more trapping materials you can put in place. Also the longer a sound wave travels the less intense it gets due to friction. Enclosures that are too small will produce vibrations of the enclosure itself that will cause it to start giving off its own noise, most likely a low frequency rumble and you'll have just turned your table saw into a sub-woofer.
2. Electric motors generate HEAT, if the heat is not dissipated properly you'll just wind up burning up your motor and having to buy a new one. Having more airspace will also allow the motor and surrounding materials to release excess heat more efficiently.
Remember heat, much like sound, travels in waves.
If you can foot the bill I would strongly advise using plexiglass as it has sound deadening characteristics. If you choose to use R-15 insulation don't just lay it flat and staple it, pinch sections of it up into a wavy pattern along your plywood. This helps to produces multiple surfaces for the sound to echo off us increasing your soundproofing.
Again, the longer the sound travels the weaker it gets, if you throw a rubber ball at a flat wall it will bounce off and continue going, but if the wall had say, wads of paper glued to it then threw the ball, the multiple angles of deflection would cause the ball to lose most of its momentum on its first strike and not travel as far.
Sorry, I really didn't mean to get so long winded.