"Don't wrap pipes". They need to shed all that heat to surrounding air. When you wrap them, there's little heat transfer and the metal will fail ... in potentially disastrous ways.
I have a friend who, upon bad advice, wrapped the pipes on his Velocity. At 7000' over STL one sheared off at the cyl head. The engine would not run with all that low-O2 content exhaust air inside the cowl, since the Velocity at that time had no external combustion air intake. He declared an emergency and STL ATCs routed him to an airport. He ended up dead-sticking at that airport some miles north of STL. Aircraft was fine and so was he, but luck was with him. He had to replace all exhaust pipes because all the overheated metal was suspect for future failures.
Like Dan said.
