there are many different wraps on the market. the best by far IMHO is from thermo-tec. i use the graphite black one on both of my TS1 machines.
http://www.thermotec.com/products/11021 ... black.html
for rustprotection underneath the wrap i use VHT paint
http://www.vhtpaint.com/flameproof.html this is the most heat resistant paint i found so far. its even available in a multitude of colors as well as in clear! in fact i use it on all my exhausts.
as already mentioned, dip the wrap in water first, wear gloves and a breathing mask - this stuff is aggressive on your skin and lungs.
do not wrap the exhaust in 1 go because then it is possible for the wrap to come loose. always go from thin to thick, this way you get a tight fit. 2 seperate sections that meet at the exhaustmount should do the trick. stainless jubilee is a good idea od course.
i have ridden my first wrap around 3.500km last year. it certainly did what i wanted it to do - dampen the banshee sound of my fat mamba. as long as you don´t go swimming with it, the heat of the exhaust will dry it up in notime. sofar no problems with rust at all. also with the kinda black wrap it really doesn´t look dirty - i like the look a lot.
will post a couple pics later if you are interested.