I prefer a good heat shield to a turbo blanket.

Reason being, a heat shield will let the heat radiate out of the turbo and prevent external components from melting, where as a turbo blanket will keep the heat in the turbo.

It takes a lot longer for the turbo to cool down with a blanket than without, so oil coking (especially with plain bearing Mitsubishi turbos) can be an issue with any sort of hot shutdown.

ACL make a great heat shield material, which is good to insulate engine bay components (such as TMIC) from heat radiation.

http://www.aclperformance.com.au/prod_heatshield.htm