Before you get too crazy, maybe just pick up a roll of chimney insulation from Home Depot or Lowes. That is basically the same stuff that came on the outside of the built-in ovens I put in the cabinets of our home. It works great for that application (which is basically the same as what you are trying to do). Plus, then you do not need to permanently attach it so you can remove it when you want to do a deep cleaning on the oven.