I took a very cheap route, and won't know if it works until we use the boat next year. My original foam insulation was deteriorating, and leave black crap all over the engine. It also made the engine compartment very dark. So, I left the original insulation in place, but "encapsulated" it with Reflexite. You can buy a roll for under $20 at any home improvement store. I cut the pieces to fit over the existing insulation and stapled the edges. It quoted the engine some, but more importantly for me, encapsulated the dust from the old insulation.
I used some foil tape to seal any seams.
Might not be a long-term repair, but for less than $20, and a few hours of time, I think it was worth a try. If it fails, I will but some of the marine store sound-proofing panels and replace the old stuff.
Short video attached....sorry about the quality...shot it on my iPhone after finishing the job.
Greg