i caution using spray foam on your OWB. My neighbor did his like that, had a boil over while not home and boiled the thing pretty much dry, the outer shell now became hot enough to melt some of the insulation. that left him with a big air pocket between the water jacket and the insulation, also the melted part of the insulation no longer insulated well due to the fact that the tiny air sacs no longer existed.
What i used on mine was something called "tank wrap" it is 2 inches thick but rated for 1200 degrees, it is cold to the touch. as for how much is too much, i have no real idea but i would say layer it on untill you feel (or can test with one of them heat gun thingies) no heat loss. also i am a believer in putting a shed around the OWB, i think if you can stop the fierce winter winds from having direct contact with the OWB you will save wood and prolong the life of your OWB
If you live on the farm , you will know (or see) that the wind can drive snow and moisture right through (actully in the smallest crack) the steel walls of a barn or drive shed. I have seen snow inside my shed where the snow has been driven under a tiny crack between the J moulding and the siding. It is my belief this can happen on your OWB as well (a lot of the ones i see are sided just like a drive shed) If this happens now you have snow under the siding and against the insulation that will melt and flow to the bottom of your OWB and sit there in the heat and cause rusting until it dry s up. When i insulated mine i also used the aluminum cladding that they use on pipes in teh chemical and oil refineries, then caulked the overlaps.
sorry for being long winded but i think keeping yoru stove dry on the outside is as important as good under ground lines (i learned about them from a bad experience)