Yes a blanket/insulation for your turbo and pre-turbo exhaust will help with spool up and reduces underhood temps.
As mentioned, the stock turbo shield is only to keep you from burning yourself and to keep the hood from getting too hot. It has no performance benefits.
Remove your stock turbo sheild and drop 2 pounds off the nose of the car.
Then replace it with header wrap and a turbo blanket. Less weight, less heat, and more power, yay.
One word of caution is that the header wrap on stock headers is not the best idea from my experience. The extra heat held in the headers is a killer on the poor quality stainless they used to make the headers out of. I ended up with cracks where the metal flakes up in sheets. For this reason i removed the header wrap, but spool up is slower.