O.K. here is what we have...
Hi Rick,
Here are a couple photos of the hood insulator. It doesn't appear to have been painted, although you can see a couple sections that look as if paint had run down it, and over the years, the paint could have soaked in or wore off the material. It makes sense that it would have been painted as it was one sheet, sandwiched inside the hood. If you'd like I can splatter some paint on it or spray over the insulation. Whatever you'd like. I personally prefer the clean look, but it just depends what you're going for. I have extra material so if you'd like I can spray a test piece.
The one thing that bugs me is it makes perfect sense what Bob is saying, but the photo's don't provide the proof. I'm wondering if that through the years the paint has flaked off the liner. But then I would think you would have people complaining about the "dandruff" on their engines.
Anyhow here are the photo's...