good idea, hot air carries less oxygen than cold air, this can effect the engines performance. since the air intake is in the engine bay it is important to keep the underhood temperature down. the main source of heat under the hood is the exhaust manifold. exhaust wrap acts as an insulator and helps to keep the heat transfer to a minimum.
No, not a good idea. I am in my forties and have a lot of modding experience especially on mustangs and rx-7's. Header wrap makes the metal heat up too much and makes the header fail/crack. Product should not be sold. Get a heat shield if you need to go that route. Curious to why you think you need one. It's not exactly a 351 cleveland ford engine underneath our hoods.