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I actually wrapped my header (weapon-R) and used a silicone spray to seal it. I made a thread on it a while back but can't find it currently.
I've heard a few things about this but the biggest one was that keeping the heat in kept the gasses expanded and thus kept the velocity higher. Higher exhaust gas velocity equals higher torque at lower rpms... that is more a rule of thumb but that is what I heard. I did not wrap the downpipe as it goes pretty much right into the cat.
I don't know about premature wear but mine is stainless so it isn't going to rust like the old ones back in the day. moisture would get trapped and they would rust and thus shorten the life of them (older muscle cars and what not).
I honestly wanted to be different and I checked into a place to ceramic coat it and they were charging $250 which was more than the header itself.
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Be the change you wish to see in the world -Mahatma Gandhi-
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