In the rc world brushless motor speed controllers are almost always a small board covered in heatshrink.
How much does the heatshrink affect cooling of the power chips? These things are often in the air-blast from a propellor. If they overheat they either shut down or burn, likely crash eitherway. The heatshrink is mostly to protect physically from bumps and knocks, I'm thinking remove the square over the chips and stick a small heatsink on, but if won't make much difference the weight saved without it might be better. Total aircraft weight is under 100g.