Insulation is cheaper, and very effective at heat control. (If your worried about the pipe running near the turbo/exhaust manifold.)
The reality is the enginebay is hot, and everything in there is hot.
True that the exhaust manifold and exuducer side of the turbo is pretty dang hot, but if your using the stock shields, that heat is controlled pretty well. (Especially if your shields are thermal coated along with everything else.)
they sell pipe wraps in both a roll, and as a "girdle" you can lace into place. (CoolTec I belive sells both types.) Wrapping your intake pipe will be as effective as wrapping your downpipe in controlling heat transfer. The wrap on the DP keeps the heat in side, while the wrap on the intake pipe keeps heat "out" of your intake charge.
The only downside to the wrap is cosmetic. They can look like ass if not done right. Best idea I've seen yet is wrapping the pipe with ceramic fabric, and then covering the whole deal with a aluminized fabric that is snapped into place with the snaps being on the underside of the pipe. Very nice final appearance, and the combination of the reflective cover, and thermal wrap keeps the temps down on the intake charge.
Figure less than 200.00 to do that, v/s about 700.00 or more for a nice FFIM. (That is still exposed to engine bay heat like the rest of the engine.)
If your really concerned about heat control, some well placed vents between the radiator and the engine to let air out of the engine bay would be a huge help.
ON the subject of FFIM, I've really thought about going with the long runner design from Ron R. I think his work is excellent, and the alternator relocation allows the use of my AC. (What good is a cold engine if the driver is too hot?) LOL
