I too, have pondered the why some do and some don't. The earlier the Z the less chance of heat soak, it would seem. Could it be that one of the larger puzzle pieces that is almost ignored is the fan. The heat soak problem happens in traffic (low to no speed), idling, and after shut-down, all in hot weather. It never happens at speed. At least if the engine is near stock. (the cooling system doesn't even need a fan at anything over about ten mph) So my line of thought is fan clutches. The resistance in them is all over the place, with varying ways of testing them. Personally, I've thought they sucked (definitely no pun intended) from the first time I owned one. I was never convinced that they were very efficient at pulling air, depending, of course, on how much resistance they had. A fan shroud would definitely help the alleviate the problem too, IMO.
When the fan clutch froze up on my early 71 (metal fan), it sounded like a Cessna throttling up and it felt like the engine was down on power about 25%. Since I had a lousy opinion about the fan clutch to say nothing of the weight of that steel fan, I bought a flex fan with an extension. Previously I hadn't experienced drastic over heating. The temp would go up a bit in traffic. No heat soak problem. The flex fan did pull more air at idle. The temp didn't go up quite as high in traffic as before and it seemed like the engine revved faster. Probably because I dumped the boat anchor steel fan. The fan has to be a key element since it's job is not only to cool the internals of the engine but the externals too. BTW, If anyone with heat soak and is desperate enough, I have that flex fan set-up which could be borrowed to see what difference it makes, if any.