Phenolic works great as a intake spacer. We ran one on our car between the carb and intake. It worked quite well.
It's sort of like wood or a compressed fiber board.
I'd like to think torque might be affected a bit due to lengthening the runners, although someone could shoot me down on that as I'm just guessing.
The reduction in heat transfer would really help. Although, the IM is working as a heat sink and that generated heat has to go somewhere.