Originally Posted by boosted_mx5

Turbochargers work off of waste heat energy, keeping as much heat as possible in makes them more efficient (until material failure obviously).

Your supercharge doesn't run off of waste heat, however compressing air produces heat as a by product, that heat is shed through the intercooler, supercharger body, etc. Basically you want to remove that heat as fast as possible. By heat wrapping your supercharger you'd be insulating it and effectively be heating the air faster and keeping it hotter.

Also I would spend more money on good ducting then vented hoods, etc. Any extraction hood needs to be properly designed to put pressure zones where it will actually pull out of the engine bay. Many of the "style" vented hoods actually adversely effect cooling. However a car like Cody's with giant turbo in cramped bay with all manner of important things near it would benefit from a vented hood just idling/slow moving traffic because all the heat could rise out rather then be trapped. However ducting its definitely the way to go an Cody's car will be getting that sorted as soon as all the bugs are worked out.

An example of effective ducting is my car. I removed the splash tray 3 years ago, it still cooled fine, no biggie. However now my A/C works again. At 80degrees ambient I can cruise the highway with A/C on fan speed 1. Above that it triggers a warning light for overheating because the cooling system can't handle the additional load. If I were to throw my undertray back on though it would most likely be fine because more air would be forced though the radiators.

TL;DR Heat wrapping a supercharger is a waste of time.
Edit: I also really enjoyed my Thermo class.