I've got the entire motor chromed with covers. No problems. No heat issues. Been in all temps up to 103 in Wyoming, 95 climbing Mount Washington, stop-and-go traffic so hot I had to stand up off the seat because the x-over pipe was cooking my legs. No issues. No problems. I use synthetic oil, it's all been fine.
I have plenty of covers on mine and and have no trouble. I'm sure you would have to to have some really fancy heat measuring equipment to tell any difference.