Just for noise control, some have it, some don't. The insulation is gone on my 90 Johnson and the Merc too. You are right to be concerned about sucking the foam thru the carbs. Happened to a bassin friend of mine. Some of the foam pieces got hung in the reeds on his 225 EFI.
You are actually gonna paint the inside of the cowl? I thought I was anal...

Keep up the good work.