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What kind of motor, intake, carb, air cleaner setup do you have and what kind of hood? I have a small block with an L88 hood, weiand stealth intake, spacer, demon carb, and 4" edelbrock intake and have no problems running no insulation. But if its a small block hood or a big block hood with a big block underneith it there's no way i would go without insulation.
Many early sharks (big blocks included) did not even come equipped with underhood insulation. Someone may correct me on this, but I don't think they started using the insulation til about 76 or so. I personally don't care for the way it looks and wouldn't bother with putting under there if wasn't there to start with.
i don't think that insulation blocks that much heat anyway. if your engine made enough heat the do paint damage on the hood, i don't think a half inch of insulation will stop it.
I have run 29 years and 140,000 miles without hood insulation and it has never damaged the paint.
I did have a backfire on the George Washington Bridge, on a very hot day-pushing the engine temp high, where the freeze plug in the Torker manifold blew out. Insulation would have prevented the spidering that occured on the hood where the plug hit.
My '80 doesn't have insulation and I'm not sure any of the '80-'82's ever came with it as the hood was redesigned for these years. At least I haven't seen any under-hood insulation for sale in vendor catalogs for the '80 to '82 years. Am I wrong about this?