Whoa! That's a big dang coozie!
A reflective sheet/blanket laid over the top would give the same reflective benefits. Maybe try one of those windshield heat reflectors, you can pick them up very cheaply in Walmart.
Aside from the fact that it's cheap and easy to make Reflectix is likely not the best material for a meal coozie.3/8" evazote would likely have a higher R value.
I use a polyester mylar insulation called Insul-Bright to make mine, bit easier to work with than something like Climashield.
I prefer the fabric coozies over Reflectix as they are easier to stuff in a pack and expand easily when water is added to the pouch.
I use a refletix coozie as well. I have also used my single wall version (same as yours but no velcro, i simply tuck the flap into the main body) while on the ice, fishing in the teens to single digits. In my experience, the single wall version kept the food too hot to eat, even after about 30 minutes.
I have a thing about taking extra stuff that has a single purpose. . I just wrap the meal with my fleece vest to keep it warm. Works good, but spilling on it is a concern. For dubble duty, how about a removable ensolite paddle holster?
I used 4 squares of that velcro, 1 on each corner to hold a single sheet of reflectix on top. Worked well for day one in the canoe and seemed to help the ice stay hard but by day 2, the sticky back started to fail. One good gust of wind and I was chasing that sheet down the lake! The leftover residue was worse than duck tape residue. I had 4 permanent dirt spots on top of that cooler for a few years!
With that said... your idea of a whole cover may stay in place much better, all form fitted for a good friction fit!
I have a thing about taking extra stuff that has a single purpose. . I just wrap the meal with my fleece vest to keep it warm. Works good, but spilling on it is a concern. For dubble duty, how about a removable ensolite paddle holster?
Just a thought and maybe you have already dismissed the idea, but what about making a insulated spray deck that fits to the load area of the canoe and keeps everything cool without having to insulate individual items?