All that really does make sense. I remember when I tested my first working heatsheild, for the intake filter, and found that after a run on the highway, the filter element was cool to the touch. Much cooler than anything else around it. Even after a lot of stop and go driving, I noticed that the filter was only warm and not hot, like it was without the sheild. For the sake of measuring by hand, it felt about the same as it did after highway driving without the sheild. At the time, I was thinking to my self, "This thing really doesn't need a thermal coating on it.".
But! If I did still want to apply a thermal coating to the sheild, it would be best to apply the coating to the inside of the sheid? Interesting. So now that brings back up the subject of painting the outside of the sheild. Using a high temp paint of course. I still sorta have a problem with painting the sheild, because it takes so much abuse when removing and whatnot.