Under-bonnet insulation is more often to reduce noise getting back to the cabin via the windscreen, but it is probably not all that significant on a 410. The foam is often protected from heat by a foil covering.
I would agree that it is probably not to be recommended for a V8 Bristol, but if you do want something like this look at the products of 'Noise Killer Acoustics' and 'Dynamat'.
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