sound insulation is different than heat insulation. probably best to stop heat soak by insulating the tranny tunnel (inside and out) to shield the temp from the exhaust. the first thing to consider is this heat shield where the exhaust goes under the firewall. this is a pic from Coupeking's website. this is a BMW part that is not expensive and is used in conjunction with the firewall insulation ... which is NLA from BMW. you can buy an aftermarket piece from Coupeking or CS Werk. what i like about the Coupeking piece is that it extends down to give better heat protection where the exhaust goes down.
the next thing to do is to insulate the rest of the tranny tunnel. we are going to try the piece from the e12 / e28 and see if we can make it fit. somebody else on this forum had made one with flexible insulation that looked pretty nice ... but don't remember hearing how it worked out.
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after you do the underside, you can use spray-on thermal insulation on the tranny tunnel and use whatever sound insulation that you want on the rest of the interior (spray-on or dynamat). be advised that dynamat can be quite heavy.