My expectation is that you couldn't tell the difference in spool-up with a wrapped versus unwrapped housing, but I've never actually experimented with it. However, I know from personal experience that wrapping the housing will reduce underhood heat noticeably. I have both the Thermotec Turbo Wrap and Turbonetics heat shield on my turbine housing and the result is very minimal heat radiated from the exhaust housing.
Steve
Steve