It is a common problem with rear engine buses, the insulation will delay the time it takes for the heat to soak through, but it will still soak through given enough time.
The heat shield method will produce an air pocket between the heat source and the area you wish to shield from the heat. By changing the air regularly you move the heat away from the area so it can not transfer to the next level which in this case is the under floor. The only better method would be a water jacket made from that thin tubing they use for pool heaters that they string up over the house roof. Water can move 3 times the heat energy that air can so the water moving through the tubes carries the heat to a radiator core where it can be dumped into the moving air stream created by the fan.
A mix of the two methods, water spray into the air stream will remove quite a bit of heat as well, this is how an evaporative air cooler works and why they put water spray nozzles on the intercoolers of race engines and big diesel engines that are working hard.
I see Jon has posted while I typed this out, had to take the dog for the trip around the block in the middle of typing as well
