Don't bother to wrap the entire exhaust. Road debris will damage the wrap, and it will be hanging in tatters by the year's end. Thermotec gets very delicate after it has been heated. As long as it isn't hit, it will last forever ( insofar as I have had experience with it ) but the stuff does get dam delicate. If the headders are close to the starter, then double wrap them in the area of the starter.

As for burn protection, you can't beat wrap. You can come in after a long run, pop the hood, and touch ( briefly ) the headers and won't even get a red mark.

Another caveat: you can paint the wrap. Just use any color of 1200 degree rated rattle can. My favorite is the aluminum color. Hold the nozzle about 1/2" from the wrap, and soak it. It will smoke like hell the first time you fire up, but the color holds. If you don't paint it, the color will be a light tan, like a paper grocery bag.