For plywood, I'd use 1/2" minimum, if you can afford 3/4", it's better than 1/2". Make sure you properly brace the legs. I'd also brace the underside at 24" intervals or less. Homasote can be expensive, there are alternatives- cork roadbed, foam roadbed(from Woodland Scenics), and Viynlbed and Homabed. I used a cheaper alternative--- HushBoard from Georgia Pacific. It's not as dense as Homasote, but it still holds nails & screws like Homasote. But it's 30-40% cheaper----
If you use Homasote/HushBoard, attach it to the plywood with plain old white glue or construction adhesive. Screw the Homasote down until the glue dries, then remove the screws. If you screw the track down, be sure to use screws that do not penetrate into the plywood(you want to keep from transmitting the sound into the plywood).