Just thinking about the muffler wrap. It sounds like you might not be totally satisfied with the resulting temperature at the luggage tray.
As you know, the original insulation was not to the muffler, but instead installed on the luggage tray. I'm thinking that makes sense, as some substantial amount of heat will be dissipated from the muffler itself before radiation and convection from the top side of it gets to the luggage tray. Air flow around an un-insulated muffler could get rid of much of the heat out the back of the car via convection before it even gets to the luggage tray. Meaning less of a task for the insulation.
As it is, you're trying to keep the heat in the muffler to exit with the exhaust gasses. The muffler itself probably gets extra-hot.
I could be dreaming, but after a career in industrial heating, that's my instinct. It might be a bit difficult to analyze, with some significant approximations and guesses involved. :-)