[Hcb3200]

any model cars / trucks with black fabric type insulation were mostly on units where the hood was really close to the engine thus got really hot really fast. this saved the paint job and burned hands etc. But in doing so they trapped more heat and sacrificed the cooling factor. you will be trapping more heat in the engine bay.
Since most of the stovebolts had high head room and plenty of moving air you would be doing it for other reasons.

Modern cooler running engines and better airflow you see less models with the fabric.

So should you, would you, could you?
totally up to you and what your overall design is for your truck.