ABSOLUTELY. Not only does it shield the starter solenoid from heat, it also shields the knock sensor and wire harness on the 5.0 and 5.7; I'm thinking it does on the 7.4 also.I wasn't able to get the factory heat shield off of the original starter because I don't have the star sockets. Is it really necessary?
Take the old starter with the heat shield to the parts store--or a home-improvement/hardware store. I bet you can match-up an individual Torx socket for under ten dollars. Maybe under five.