The factory wrap wasn't asbestos, it was fiberglass with a reflective foil skin. But... I don't remember it having a woven layer under the foil like the stuff in your photo.

In most places 70-72 Z's didn't have a percolation (similar to vapor lock) problem when new, but central AZ may have been hot enough to be an exception. They have had problems in hot climates since the 80's -- search old posts, many complaints -- because gas vapor pressures have been raised. With no insulation chances are you'll have the problem next spring.

Thanks guys. Super old thread and I am solved on this topic...