I did several things to help mitigate the heat soac problem and keep the underhood volume as cool as possible.
1) pulled the rear weatherstripping to let the hot engine bay air vent out
2) raised the back of the hood with thin fender washers to increase the exit area
3) Installed K&N CAI with heat shield
4) Insulated the air tube and heat shield. I used Thermo King duct insulation from Lowe's ($15) I've gone back and insulated the IAT also.
5) added hot water pipe foam insulation on the edges of the heat shield to seal off air leaking into the air intake from the engine cavity. Basically, created an airbox.
6) open up'd a hole below the air filter to draw in more air from the outside just behind the fog light. Yes I cut the metal on my car but you can't see that it was done and I painted it. I also cut off the plastic shield by the headlight to let air in from in front of the radiator. Now, I get enough air flow into the filter.
7) did a throttle body coolant bypass using an alum arrow shaft (this was quick and easy following tips from other threads on various websites)
8) removed fuel rail covers so coils would run cooler
Yes, I've been tinkering a lot. I believe every little bit helps. I can stop the car and place my hand on the throttle body and its still cool to the touch.