I just tried some of this stuff:
http://www.amazon.com/gp/product/B00029KC2K/ref=oh_details_o01_s01_i00?ie=UTF8&psc=1
one layer only on a cut down Fosters can. Poured boiling water in. I could pick up the "pot" without scalding my hands immediately, so the heat transfer was diminished, but it was not comfortable holding it for an arbitrary time. It was fine a few minutes later with water still steaming and bare aluminum still scalding. Coffee would be as hot or hotter than I like at that point, so not a total failure I guess.
In this case I was shooting for a "success" defined as being able to pick it up and hold it right after pouring the boiling water, plus being lighter than the alternative. extra point for cool looking DIY mug. This is possibility an extreme case as I don't like drinking the coffee that hot (I assume this is also the case for most people) but the fuss factor of waiting and guessing when it will be ok to pick up and hold in your hand as you stare at the scenery is not too satisfying. I'm guessing that another layer andt it would be fine right after boiling.
As an additional note the stuff above turned out NOT to be a sheet version of the stuff Roger apparently used. Not corrugated, and has some kind of fibers covering the inside layer. This is one of the down sides to buying from amazon without being able to see exactly what it is – this stuff looks more like protection FROM heat than shielding of heat sources. Shiniest side out, no corrugation and pretty flush and thin. I have no doubt it wiould be satisfactory for a lot of people who don't mind fussiness in the pursuit of lightweight, and also that most people would be happy with one more layer, which begins to defeats the purpose,in my book, through it would still be lighter than my current standard I think.
I have a nice snow peak Ti mug about 14 oz capacity with coated heat-proof folding handles that weighs 1.7 oz, is the perfect size, and also fit perfectly over the heat exchanger on my Jetboil SolTi in place of the crappy plastic thing that come with it – so that is my standard. Cut down Forsters can of the same volume plus minibull ring and shielding – 1.2 oz. It would have to go inside the SolTi displacing the gas canister, or somewhere else. It would be fragile even in the best case scenario. So there is a space penalty. The Neo-Hobo stylings of the DIY mug would be a plus however :-).
So somewhat close, but not a win from my point of view. Maybe some of you folks can do testa with other versions of the shielding and so on. I think I may have exhausted this month's research budget for hopeless experiments. *sigh* And the month has barely started. I will probably salvage the ring and make at least one decent one using the fiberglass "wick" they sell on minibull designs. They look pretty cool as well and might only be a tiny bit heavier.