...if the heat stays in the engine compartment it could make the fuel actually boil.
I'd imagine that this won't ever occur since fuel is constantly being swished in the tank and cooled by the non-hot areas and that the aluminum tank itself has a high thermal conductivity, so heat added to the tank metal conducts pretty fast across the tank. Also the path for heat toward the tank is pretty limited.
Quick google search on the boiling point of gasoline however shows that "The boiling point of gasoline ranges between 104 and 392 degrees Fahrenheit." A lot lower than I thought, but there's not going to be a lot of heat into the tank to get it up to temps.
You'd literally have to let it idle stationary for >20mins for it to cause problems I would say.
While you are changing your Panigale from the intended design, generally the material of everything near any heat source is designed to take a lot higher temps than they are subject to. I would say you are fine keeping the tape if you find less thigh heat is better than hotter heat shield temps.