If you want to combine to reds, why not a single driver? Running them both at 400mA in paralell would give a decent output, and the reds are pretty consistant in both power consumption and output.
If you need to isolate them, some 1in black heatsrink tube would also work well. Using foam or other materials would only serve to insulate. I have found that heatshrink is not all that bad at conducting heat, but id still raather paralell the two diodes.
Im going to try two 6x diodes and two reds when my rig arrives
I will be running the reds in paralell, but seperate for the 6x. Ive got a couple of LG 22x reds and glass optics waiting and am going to order a couple of those miracle lenses that Jayrob found on ebay ;D