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I think the best way is Dynamat (Or similar product) down first and then Frost King (Or similar product) on top of that.
The butyl rubber with aluminum backing helps with vibration and helps the car to be quiet and the foam/aluminum is made to block heat.
Why not do both while you have it apart?
Frost King or Reflectix are made to be put right over heating ducts to keep heat in and works to keep heat out of the cabin.
Very best way though is to put a heat barrier on the bottom to keep the heat from even getting to the panels like the space shuttle. But you would need to take the body off to do a complete job of that.
As mentioned, I wanted to do this job once. With my interior gutted, I used Dynaliner extreme, followed by 1/4" Dynaliner.
I would say it was worth the expense and effort.
The heat insulation in the storage area is pretty much a waste of effort. There's not a lot of heat that gathers under that area....unless the engine is on and idling for quite a while.
If you have gutted your interior, double down on your insulation. I put down a layer of the Ceramic Lizzard skin, and then a dyno-mat type material on top of that. No fitment problems when the carpet went back in and heat is not an issue. However, my sidepipes are still pretty loud.