I agree that wrap will hold any moisture against the pipe and especially if theres any road salt mixed in, you will have swiss cheese.
As for max performance you need to know your pipes and engine and what it wants. If their hand built pipes the pipe and engine builder will know what they want for pipe center temp.
On my kids race sled we monitor pipe center temp, which is different then EGT. We work to keep it at 900-950 Which is the max ours get without being too lean, if its really cold, we tape off the vents near the pipe, maybe even wrap it for that day. Snowdust is also a problem if it gets in it will kill pipe center temp.
With any pipe, even stock you have to know what the temp is, and how hot you can get it without having other problems, then figure out what it takes to keep it there.