From many, many years in the industry I can say one thing for certain... the performance of a sound dampening material is proportional to the weight of the material... the heavier the better the performance, and usually the higher the cost.
There are also a couple of other areas to look at....
1) Air intake noise... a good intake filter will dampen much intake and turbo noise.
2) if there are flat metal surfaces in the machinery space like the top of a fuel tank that are above the fuel level... consider adding a little stick on accoustic dampening material... this can also make