In my humble opinion heat wraping is a good idea.
1. keeps the engine bay area cooler, hence lowering passive heat soak on things like the water coolant parts and more importantly the induction system.
2. it WILL aid gas flow inside the manifold, weather or not you'll actualy notice the difference would be up for debate, but, the REASON it'll aid gas flow is because hot gas is less dense and there fore can travel at a higher speed through a given diamiter pipe, BUT having said that, as the gas travels through the rest of the system it cools down, becoming denser and with a more dense gas trying to travel through the same size pipe will slow down in speed, which is where the rest of the system you have either spoils all that good work, or compliments it? in the same way that a drain pipe will flow more water than a garden hose, but we're in danger of incroaching on a whole other subject.
having said that, it must be concidered that a manifold is only one part that must be in harmony with many other parts.
Pete