Insulating the M3I repeated Rafael's insulation procedure. Two layers of the
paper fits beneath the bars of the stand and the cage. No fasteners are necessary when since the cage and stand secure the paper. There is one gotcha that Rafael didn't mention: let the roaster run at full heat for a half hour, since there's solvents in the paper that have to cook off.
Here's how it looks:

I did two fairly identical roasts, on before and one after insulating, of a no-name DP brazil I'm using for these basic experiments. I apologize for the double exposure in the graph, I overlaid them as two layers in gimp after resizing to equalize their scales.

The insulated roast ran a minute faster, but finished a tad lighter as well: the bean profiles were nigh identical. The drum temperature (blue lines) is 10C (18F) lower on the insulated roast, so insulating slightly increases the heat transfer efficiency of the roaster. The energy efficiency also goes up, and the insulated roast ran around 1.5 amps lower and about 1.5 airflow settings higher.
So insulating provides lots of energy for doing fast roasts with high amounts of beans, but this is probably a poor idea. The speed limit is set by keeping the drum temperature low enough to prevent ashy roasts. On the low grown Brazil, the 260C of the uninsulated roast exceeded that, and the roast tasted ashy. The 250C in the insulated roast was borderline (lots of tobacco, but no ash).
If you like the flavor of leisurely drum roasts, insulation is unnecessary. But if you want faster, brighter roasts, it's a useful tweak.
An air scoop, to blow in heated air rather than cool air, may not be so good an idea, since the cool air is needed to change temperatures quickly. I haven't tried it yet, since it would require a thin molded part mounted to the control box, and that's beyond my fabricating skills. At this point I don't think I'll go for it; since I now have the heat transfer efficiency I was looking for.