Still no thermowell,
but i can say that last night I put a fresh brew down, and the fermenter was at 25 degress when i pitched the yeast, and sat it in the fermenting fridge.
I had a sensor attached to the side of the fermenter just with tape, at the top of the fluid level.
The temperature at the sensor dropped to 22 over the first hour.
So at 1 hour I put a piece of 1" foam around the sensor, shielding it from the airspace, and imediately the temperature of that sensor went up to 24c.
So having insulation around the sensor does make a difference, however its probably only while the fermenter is warmer than the target temp.
After the wort cools down to the target temp I dont think the insulation will be relevant.
Will start posting some info once this thermowell gets here...
cheers..