I dont like wrap because it does hold moisture up against the pipe and it will rust faster. Probably not as much of a problem if it is run a lot to keep moisture out. I have good luck painting pipes. Sand them down good and clean well with acetone or paint thinner. I use regular high temp exhaust paint from duplicolor. The key is to heat cycle the paint. The best thing to do is use an old oven if the pipes will fit and bake them at 300 deg. If you cant then after the paint dries start the bike, when the pipes are starting to get hot shut it of and let the pipes cool. Do it another time or two. Then ride the bike and let the pipes cool one last time. The paint will last longer if you heat cycle it. If you spray it and then ride the bike the paint will just burn off. Other people have just used bbq paint too with decent results.