Its swings and roundabouts i think. On a stock manifold is a no no, as it isnt up to heat, and will warp/crack under high temps, the same goes for the cheaper mani's of ebay etc.
More expensive aftermarket mani's can handle the heat better, but only better as it will still fatigue the metal (mainly as it cools back down after high temps) and also rust it quicker if you get water soaked up into the tape. Manufactures dont warranty them for this reason, as the stuff does shorten the lifespan alot, in more than one way.
I guess if you have an aftermarket mani that has been made especially well, that isnt going to ever get wet, it might be good stuff, but for the long run, the lovely header that dented your wallet, and got you a bollocking from your missus, will only last half as long as its supposed to if you put that stuff on.
Im not sure but i thought heatwrap was mainly meant for keeping the gases flowing hot?As hotter gases means faster gases & faster gases means more power , more often! lol
id say try and get more cold air in from outside, rather than trapping hot in!