I don't think the foam is worth the effort. It's not going to provide adequate airflow at any speed if airflow is in fact an issue for you, but consider this:
The cooling system of the modern car is designed for the worst conditions you can throw at it, i.e., towing with a full car on a Las Vegas hot kind of day. Cars may not maintain that kind of efficiency as they get older, but they are certainly capable of it initially. Just watch your temp guage.