If they are fugly steel, I would clean them up, paint them with the hi-temp paint to help protect them and then wrap them. I painted my wrap job w/ the high temp paint too to help seal them a little more, don't know if it would help or not, but couldn't hurt.
If they were original perfect condition pipes, I probably wouldn't wrap them and take a chance w/ corrosion... but if fugly steel? I would do it.
I used VHT paint and Cool-tec wrap.
--xTalon