"Maybe you could put a layer of silicone and then over this layer put another layer of neoprene." - Silicone rubber is a very strong adhesive. If you coat your graphics card with it then it will destroy your card if you ever try to remove it.
I would recommend smearing dielectric grease over the section you want to insulate. Then press a layer of 3mm neoprene to the grease. This will give you very effective condensation prevention without invalidating your warranty!
We use this technique to insulate the rear of our peltier-cooled motherboard.
I can give u a link to our website if u want to buy some dielectric grease etc.
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