In general, cantilevered steel beams are a nightmare. If part of the steel beam is in contact with exterior temperatures, then it's best if the interior portion of the steel beam is covered on all sides with insulation. This is generally impossible (because the interior portion of the cantilevered beam generally supports a load, meaning that you can't wrap the steel beam in insulation on all sides).
Sean, thanks for jumping in and answering John's questions. About choosing the right foam, I intentionally avoided the open cell vs. closed cell foam debate. I did this partly because it's worthy of an article all by itself, but mainly I didn't include it because, despite all the warnings the two sides issue about the other, I've never personally seen a problem caused by using open cell where they should've used closed cell or vice versa. I'm sure things like that happen; I just haven't seen it yet.
Light-density open-cell SPF is commonly known as half-pound foam. It is a semi-rigid material with a sponge-like appearance that expands during installation and creates small, open cells that are filled with carbon dioxide. Due to its ability to expand during the application process, it fills cracks, crevices and voids and adheres to irregular surfaces or substrates to form an air sealing insulation. https://www.youtube.com/watch?v=ggLAUsiuI_o&feature=kp
Silicone based coatings can be spray or roller-applied, and should utilize a medium-nap roller when rolled. These coatings are applied anywhere from 2 to 3.5 gallons per 100 square feet, depending on the substrate. Silicone has two major advantages over the other four types of coatings that should be considered when searching for the best roof coating: 1) it can resist ponding water for extended periods of time and 2) it can adhere to most substrates without a primer. Because of these two major advantages, silicone is the best roof coating that satisfies both quality and cost-effectiveness.
One thing I wanted to mention was that I think your price point is a little high and that might deter people from considering spray foam. As a project manager for a spray foam company for years I can tell you that we offer 0.5 Lb. open-cell foam at around $.25/board foot. We even offer a 1.0 Lb. open-cell foam for less/the same cost as you quoted the 0.5 Lb. foam for above. The 1/0 Lb. open-cell foam has an R-value of almost 5.