Sawdust can potentially work, but you might try shredded polystyrene foam, or foam beads - the idea is that it should burn away cleanly upon heating,
leaving plenty of insulating voids in the refractory, and without leaving behind various fluxes which might impair the refractoriness of the material.
You're also not limited to the working temperature of the additive, as you are with perlite or vermiculite (after a careful initial heating to burn it
all out, of course!).
The limit, of course - which will be true for any method you use to introduce voids in your material - is that with more voids, the material will be a
better insulator, but it will be less mechanically resilient. You have to work with that trade-off to find a suitable balance (or you have to protect
the outside of your fragile insulating material with a layer of denser, less insulating refractory).
Check out Alloy Avenue - they're all about building furnaces for metal melting, and there are many mixtures for home-brew refractories discussed there.
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