To Insulate Or Not to Insulate?

I'm getting a 72 watt peltier that I am going run with my pep66 with delta 38. Do you think I'm going to need to insulate the chip and slocket. And if I do what is the best technique

I would say you should insulate....the technique that i've seen is neoprene around the socket, dielectric grease in the socket holes, and some weird dow stuff (I think you can get it at octools.com, it's on the main page, free shipping from New Zeeland) in the middle of the socket. OCtools has links from the Dow ordering page to instructions on how to do it.