Better idea - insulate your cold air intake. This will keep the air cool, from the ram on the front of the car, so the engine compartment's heat wont transfer to the intake air. This will accomplish what you want to do. Cooler air at the intake = more power.
The only way to get the underhood temps down is a cooler thermostat, anything else will be a major waste of your time, with little result. That aluminum foil is likely better off for baked potatoes and such.
I was thinking about insulating my intake a while back, but got busy doing other things!

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