There are lots of folks (and Vetterman) who will warn about premature failures in using exhaust wrap. I read the posts and was concerned about using it until I spoke with 3 people who have used wrap for over a decade with no ill effects. I wrapped mine last year. Who knows, I may lose a couple of years lifespan on my exhaust but I might gain that on other accessories that run cooler. I also used to get significantly warmer air in my cabin air intake vents. The NACAs are right behind the cowling and I would get some leakage from the cowl that would allow hot air in. The wrap helped eliminate that.
Nothing wrong with trying it out and seeing if it helps with your hot starts, etc---you can always take it off, easy to do and not overly expensive.