Insulating a chest freezer-worth it?

I've been meaning to buy a chest freezer for a while now (just missed one for $100 on Craigslist!) as we eat a lot of venison and run out of room in the upstairs freezer pretty quickly. The chest freezer will sit in the utility area of the basement, so as it is I shop the scratch and dent isle at the big box stores because I don't really care what it looks like as long as it works. Energy costs have me thinking though-would it be worth it to attempt to improve upon the insulation of the freezer by supplementing it similar to the idea of a hot water heater blanket in reverse? I was looking at the Reflectix product here and thinking of using it in a similar fashion to the way they insulate HVAC ducts:

http://www.reflectixinc.com/images/uploads/allpdfs/f62 duct insulation submittal 0107.pdf

Of course I'd need to take care and not obstruct the ventilation air to the compressor, but it wouldn't be difficult to cover the rest of the outside of the freezer. The average freezer has a surface area (not counting the underside) of about 85 square feet. I can get 400 square feet (48" x 100' roll) of Reflectix for $100, which would essentially allow me to cover each surface four times with airspace in between, which, according to the installation guide, should give me at least an R-8 rating if not more. That still leaves the underside, but I think that would be better served by raising the unit on blocks and placing fiberglass batts underneath as there won't be any real "radiant" heat coming from the floor. I have plenty of fiberglass insulation left over from remodeling my basement as the previous owner even insulated interior partition walls which I ended up tearing out completely. So, if this little project only costs me $100 and a Saturday afternoon and I use the freezer for as long as it lives (15 years at least), is it worth it?

Lo and behold, here's what I ended up with:

http://www.frigidaire.com/products/kitchen-appliances/freezers/ffn15m5hw

As it turned out the one I saw on Craigslist was still around and I'm picking it up tonight! The owner sent me pictures and it indeed has a louvered vent on the side as in the pictures on Frigidaire's website and it is listed as a manual defrost, not a frost free-I'm assuming that this means the coils are setup conventionally, not within the walls of the freezer correct? If so, any insulation shouldn't cause a problem. As for EatenByLimestone's idea that it's mostly the compressor design, I would tend to agree that compressor design has a lot to do with it, so if you looked at two freezers, one energy star, one not, and the compressors each ran for an identical amount of time, of course the energy star unit is going to come out on top because it's using less energy while running. However, if you could get one of the units to run less (as in place one freezer outside in the shade on a cold day and leave the other in a house heated to 70 degrees) than the other, than clearly the one that runs less will use less electricity. I figure average temperature in my basement is about 60 degrees year round, but in winter it does get pretty warm from the radiant heat thrown by the ESW add-on. I don't want the freezer essentially fighting the furnace to keep my food cold. The bottom line is if I go through with this I'm in a whopping $200 between the freezer and the insulation. Even if it doesn't do much to save energy I'll still have a mysterious box in my basement covered in what looks like shiny bubble wrap-I'll just tell people that I'm storing a Roswell alien because they're remodeling at Area 51