Hammer, you are at the top of my envy list.
How much actual steam is left to escape at the end of the process? Is it already condensed back to hot water? If so, then a holding tank and piping back to the boiler should be pretty much all you need. You will need some control mechanism to to feed cold water if there is not enough return water.
Insulation always is a good plan, but it may come down to what you can get at a reasonable price and not what is the best option. Fiberglass insulation is probably made in PI, but stuff like Neoprene may be imported and thus pretty costly. Researching available materials is where I would start for that.