There are always conflicts of opinion on this one. I remember some good debate on the GT40s forum on the same topic some years ago. I ended up using fiberglass wrap. I found it very effective. Additionally, it was fantastic not to burn yourself while working on it.
The story goes that there is a big down side regarding shortened life of the pipes (pipes getting brittle). I don't have any empirical evidence on this though.....Here is my GT40. Installing the wrap took a few hours and sore hands, but the outcome looked the part well and was very functional.
