I planned to use the Lizard Skin spray on sound insulation on Krusty when I get to that point. There are asphault type solutions that will work, but they are very spendy and require a bit of work to get them to adhere.
Heat shouldn't be a major concern, depending on the turbo location. I would design a heat shield around the turbo, or get a turbo heat shield like what DEI offers. They aren't cheap, but they are supposed to provide a lot of heat shielding to the outside and a bit cooler air going to the engine. It does help with underhood temps, which of course will help with cabin temperature.