I've been trying to spend some time in the trenches of the heat battle lately myself.
For my vf12 install I applied some of the super-pimp GOLD mylar around several areas adjacent to the turbo. It is expensive, $40 for 2 linear feet, but I still have a bit left over. Here is what I covered/adhered it to:
1) Charge pipe from turbo to IC (where is rides next to the heat sheild - I have custom AL intake plumbing)
2) The whole inside of the stock heat sheild
3) the side of the resonator that hangs over the turbo (least effective I'm sure)
I'm sure that it all has a minimal effect, but I certainly can't hurt - and again, I think it looks rad (even though most people won't even see it in there unless I point it out).
It does seem to have made the outside of the heatsheild cooler to the touch...
And yes, it blocks radiant heat, which is NOT the sole mechanism for heat transfer here, but it helps. And it's very hard to put an effective insulator in some of these places. I do, however, have some of the mylar coated fiber insulation wrapped around my A/W IC feed line that travels right over the turbo - I may do more of that over the driver side run of the A/W coolant line too.
I'll be wrapping the upper portion if the downpipe as well some day, but it's a shame to cover up the beauty that IS the CES divorced DP

maybe I'll cutout the "CES" plate that is right by the flange...
I was going to save some of these pics for a write-up I was going to do on the VF12 (once I can get to the track for some #'s), but anyway- here are some shots of the GOLD -
My son, Ian. He thinks gold is sweeeeeeet
More of a top, overall, view.
I got the material from enjukuracing.com if you're interested. It is much more effective than the silver stuff from Summit or the like, from the literature anyhow
-Chad