Useful tip: a short piece of zip tie press fits into the hole from the old fan mount, keeping the z-probe wires from sagging.
What is the red insulation material?
It's a piece of exhaust repair tape... "Spider Patch" or "Tiger Patch" or something like that. The best thing I could find locally. It works, but I don't recommend it if you can find a fiberglass tape; it has an epoxy adhesive (which I really hope isn't bonding to the top of my hotend) that stinks for the first hour or so of printing.