Most people will tell you that the OTHER benefit to wrapping the turbo and exhaust is keeping the heat IN will result an increase in the efficiency of the exhaust pulling the gases out of the cylinders.
SOME (but neither many nor most) have concerns about cracking the cast iron or warping tube headers.
For me and my GMC 6.5 turbo, the reduction of heat in the engine bay is worth both the effort and risk. Tons of replacements in bone yards.
Hey Tango! Still slinging mud?
LOVE the accelerator pedal. Doing something like that for mine is on the list. My foot keeps slipping off the stock one.