I second Gulf Ls3. I have coated a few turbo exhaust with great results. Even with the coating I would still get the exhaust red in color. The coating still held to the metal. The under hood temps came down also. I have also wrapped and it just kills the header. Just my .02
You should only wrap on high quality stainless, My noble is wrapped from factory and I took it all of recently and it was fine underneath despite 6years and rain use... but the Ultima headers had corroded terribly as they were low quality stainless.