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The Hood Insulation is missing on my 73 and I read in a magazine that said missing insulation can cause the paint finish to get messed up because of the engine heat. Is this true?
I have seen many of these Corvettes over the years without insulation and few, if any, with paint issues that were directly related to engine heat. It is certainly a possibility, and no doubt has occurred, but it is by no means a sure thing.
Having said all of that, I do have the insulator on the underside of my 73's hood. I'm certain that it provides some heat insulation to the underside of the hood, but I'd bet it provides even more sound insulation than anything else. On the other hand, if it's covered with grease or other flammable liquids, it could easily be more of a liability than an asset, in which case you're probably better off without it.
As previously mentioned, non-original replacements are available at bargain prices and original style ones are also available. If you've seen the non-original replacements, the first thing that will come to mind is how easy it would be to make your own if you can get some of the material.
No, I have an 80 that never had hood insulation. I have terribly high heat under the hood (stock ram horn exhaust manifolds) and have never had hood paint issues.