Thanks, some good info.
What do you think about the thermal tape on the lower hand guard? It should minimize heat transferred to the hand, but if that heat doesn't go somewhere it will remain, at least for a while. Will that lingering heat be detrimental?
Also, if drilling the original beaver barf, wouldn't holes in the top hand guard be sufficient? Heat rises, although that is probably irrelevant due to the force of the gases. I'm sure they will follow the path of least resistance no matter which way that is directed. Anyone tried drilling the factory hand guards?
What about these mods?
http://imgur.com/a/yO5NR?gallery
http://www.theakforum.net/forums/66-czechoslovakian/58103-probs-w-heat-transfer-lhg-fix.html
Good tutorials. The question is ultimately what you're trying to accomplish -- keep your hand cool or the barrel cool. If you anticipate ever needing to do a lot of rapid fire, then keeping the barrel cool will extend the life of your rifle. For relatively slow pace range shooting or hunting, then a deflector is probably sufficient.
Insofar as air circulation if wanting to mod, I'd personally drill a couple to holes in the bottom all the way down (1.5-2x the width of the hole in spacing to retain strength if in line), or you could space in jumps from side to side for better strength. Regardless, there's not a lot of air circulation with the standard setup, that's why the heat radiates through the handguard rather than flowing away through convection.
Insofar as convection, take a look at how baseboard heaters work. Basically, air will circulate on its own from bottom to top based upon energy transfer, molecule spacing, weight, etc...
The only difference w/ the VZ is that you have hot air coming directly off the barrel through the piston as well which has an affect to account for... In particular this is what ventilation is helpful for. If we just had barrel heat and not the gas port blowback, there'd be considerably less heat in the handguard.
No perfect answer here. Identify your needs and modify to meet them...