You greatly overestimate Ensolite insulation. The typical blue stuff (Ensolite PVC-NBR-CR) has thermal conductivity (k-factor) of 0.231 BTU-hr/sqft-F, so typical sleeping pads that are 1/2" have an R-value of about 2.2. It's not really that great of an insulator but being foam and closed cell it's got high practical value in wet environments and is very durable and doesn't compress (which is why it's absolutely invaluable to park your butt on eating lunch sitting on the snow on a ski tour!). A 1.5" thick layer would have an R-value of 6.6.
http://www.rubberlite.com/themes/site_themes/rubberlite/pdfs/IV1_030512.pdf
There are tons of Ensolite compositions, so you may have something else in mind. They make a denser automotive damping foam that would be a good choice and probably closer to your R-value, but I assume you mean the stuff that's easy to get anywhere.
In comparison regular cotton has a k-factor of 0.27 BTU-hr/sqft-F, a 1/2" thick layer of cotton has an R-value of 3.7. But this would not be practical, so dense packed cotton batting is used, which is lighter and easy to work with. This changes the k-factor because air is partially used as the insulator. Standard air has a k-factor of 0.167 BTU-hr/sqft-F and therefore an equivalent R-value of 3 for 1/2". Even the cheap quilting batting has an R-value of around 3.5 in typical use (bed blankets). Cotton is terrible because it doesn't handle moisture well at all, but actually is quite good at insulation.
I have just one battery and have run my Engel from it for going on 7 years now. Dunno, a second battery is a luxury I've never had. You lose far more heat opening the fridge and waste a lot letting the sun warm up the cover than the thermal loss through the insulation. Getting in and out of the fridge quickly and as little as necessary is the main thing you do to reduce cycling. At night my fridge might run 15% duty cycle (10 minutes per hour) even in the summer.
My mention of the vents is that you have to leave them exposed is all. If you make the outer box too thick the heat from the compressor does not evacuate and just heats up the space between the fridge and insulation, which then does more harm than good. It traps a layer of higher than ambient air right next to the fridge.