The ceramic coating will give you similar heat reduction.
Exhaust wrap does work but shortens the life expectancy of the the tubing.
Do you want to trade that off?
Also, there isn't much point in ceramic coating 303-304 stainless steel exhaust tubes. 409, that rusts, yes.
You are never going to find that ceramic coated exhausts are cool to the touch when running, so although you can scientifically measure the heat it reduces, it is never enough.
Therefore the ceramic coating is largely an anti-corrosion thing that almost entirely eliminates the corrosion on regular steel tubing but has the side effect of making the exhaust look finished permanently.
The most common color and the least expensive to do is the bright shiny silver color. New it looks like polished stainless steel but with use it will dull down to look like factory production stainless steel.
There are other colors available that I know of. Black, Ford Blue. The colors tend to water spot and cost more to do then the silver.
There is a chart of engineering numbers, temperature reductions some where and there have been published dyno tests that indicated an increase of HP of like 10 or 15hp when using the coatings.
Technically that is accurate but by comparison the gain or loss of HP is much greater then that when the air temps and relative humidity increase and decrease. So it isn't anything that is going to make the engine a "killer sleeper".
I think the best combination is ceramic coating, interior and exterior on regular steel exhaust tubing.
The Pantera engine compartment is going to be cooler with stock, under the car headers and exhaust v. 180° up and out headers.
Those in fact create some issues with cooking the exterior paint off of the decklid if you don't use a heat shield.