Did you ever end up testing this insulation?
We just found the same thing in our 1952 bungalow
and are worried it might contain asbestos!
When in doubt - have it properly sampled & tested in a lab.
Get expert advice - on site.
Asbestos isn't always a problem - if kept undisturbed.
( keeping others from disturbing it is another challenge )
Removal is a job for professionals with all the proper training and
equipment.
I have seen asbestos in window caulk ; electrical panel-board ;
wall plaster & wall board ; floor tile backing ; JM siding ;
... heard of it in ceiling tiles - I've not actually seen that one.
as well as all the usual places - pipe & duct insulation ; brake
shoes .. furnace, oven, heaters, etc
John T.
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