Assuming the parachute effect with panel 1 in place is correct, i.e., panel 1 prevents air from properly escaping the engine compartment, how about:
Use aluminum window screen mesh, held taught on a frame, as panel 1.
That way, the mesh lets cooling air escape from engine compartment, preventing parachute effect, but the flat, taught surface would smooth airflow from front to back. The alu mesh would also withstand exhaust pipe heat, and being an excellent heat conductor would dissipate hot spots.
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