The faster the engine gets into its "operating range" of temperature, the better. Warming up all of the engine parts and fluids costs energy, and whatever of that energy is lost to the surrounding air is simply thrown away. At least, until you get into the range of temperature that you wish to maintain--then losing heat to the surrounding air is generally required to keep the engine and fluids from getting too hot.
We have several people on the site who have insulated their engine compartment for that reason. It seems most useful in the winter, when warm-up takes the longest.
Didn't Frank Lee put some foam blocks across the top of his engine?
-soD
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