Underside of hood

Not sure where to put this thread so I’m starting it here.

the underside of my hood has bugged me for ages but I finally want to change it. Factory “insulation is still there but has seen better days. The rest of the underside of the hood has some peeling paint etc. without sanding and re-painting what have you all done? Do you still have the insulation? Why keep it or why eliminate it?

thanks for your input.
Author: 70newport