I decided, against my wife's desire for a 'professional' solution, to wrap it with the heavy duty aluminum foil.
It's only for UV protection so this should do. The original insulation is in good shape, just a little bit cracked, but not falling apart on touching it. It is right up against the amarylis bulbs so I couldn't go all the way around there, but for the most part it's covered. It isn't laying on the ground, just really close to it and since it's a 'hard' line there's no bending/moving it up any further for clearance purposes.
Not as 'pretty' as the original install as I couldn't keep wrinkles from happening, but I think it'll work just as well.
Thanks for the suggestions guys.