Yes, you can get too carried away, and things do need to be properly fixed - but they need to be properly fixed without serious thermal bridging, which is usually not hard to arrange. Your numbers are wrong though: wood is 5-6 times worse than the best foams, and 3-4 times as bad as fluff. see
http://www.engineeringtoolbox.com/thermal-conductivity-d_429.htmlI picked 2x2 because it's the same depth as the foam so it's easy to put up, and I expect my garage shelves to have a _huge_ amount of Oh, how I wish it was better on them, so this is being overengineered. I agree that I could get away with smaller timbers. The wood is nearly free though in comparison to the nearly 2 grand of insulation, panels and floor coverings.
Long screws will be through the face panels (plasterboard/ply/cementition board) and then insulation. The boards may well be sufficient to hold stuff up. But yes, wooden plugs would work well.