After weighing-up the options I've gone for a matt black finish for now (it can always be covered later on).
Here is a before shot (taken with flash):
I used black waxoyl which dries matt once the solvent has evapourated. I know it's heat tolerant as I daubed a bit on the bionic Panda's back box by mistake months a go and it is still there...it goes a bit soft but sticks. Here the waxoyl is still wet:
And here is the heatshield more or less dry and with some sunlight helping the flash:
I'll let you know how it lasts but the heatshield is much less obvious now.
Richard
1.8i Mk2 Solar Red, 16 inch square spoke wheels, MGFMania hood with zip-in glass rear window, DRLs, Kmaps ECU, Pipercross panel air filter, MGOC Supersports back box & some cockpit bling