I wrapped my Vette side pipes and my Fiero 3800 exhaust from manifold to tips.
I used ceramic based heat paint on the pipes, then I soaked the wrap in water to get a better fit, then I coated the wrap with paint as well (after they dried). Have not had any issues so far. (Fiero was done about 8 years ago, Vette was about 1 year ago.)
Aluminized(sp?) pipes or stainless pipes are best to work with. The Vette has "Jet-Hot" coated manifolds and Aluminized side pipes, the 3800 has stock manifolds with the process above and mild steel pipes.
If the wrap is sealed, it should last a long time even on mild steel pipes.
-Dave
[This message has been edited by IFLYR22 (edited 07-22-2010).]