Yeah that's the plan. With drain trays either on or hung below my shelves and thick aluminum foil or flashing right below the heat mats to help focus heat upwards.
Just to chime in, I also have a seedling heating mat and I had read the same thing about the insulation/reflection as I also thought it did not seem to warm up as much as advertised. I used Styrofoam underneath the mat and noticed after awhile that there was more heat than before radiating upward.
I'm thinking that styrofoam would do more to keep below the Matt cool than actually redirect heat upwards. No hard science to prove that, just my gut. A sheet of styrofoam wrapped in aluminum foil, now there's a thought!