I had my exhaust wrapped on my Softail I just traded in. I wrapped them over the heat shields. I used the black exhaust wrap that faded to a light gray over time. Had I known that, I would painted them with high temp spray paint when first doing it. I moved from the desert to SE Texas, and I removed the wrap to put on black heat shields and new mufflers. I never worried about getting the wrap wet, and rode in the rain frequently. When I removed the wrap, my pipes were a little discolored, but in excellent shape. No rust, no pitting, no soft spots. If I wanted to go back to the chrome look, I'm sure I could have polished the pipes up and looked good. As far as the heat, I'm short, and when I stop my ankles are close to the exhaust pipes. I never worried about touching the pipes. Yes, they were hot, but no blisters or burns ever occurred. You could touch them with bare skin and pull away. I don't know if the bike performed better, but I like the look and the additional safety.