Header/exhaust wrap reduces the life of the tubing, and over time will cause mild steel to rust (as Bitter mentioned above).
If you can afford it then I'd strongly suggest getting your headers coated instead. This will do just as good a job as wrapping the headers, without the adverse side effects (and looks better too in my opinion).
As for the short ram intake, forget about it. If you're worried about engine bay temperatures then this is the last thing you want to do. I was running a short ram when I put my headers on, and could notice the pipe/filter getting a lot hotter than when I had the factory manifold with heatshield on.
You may as well spend the money on a cold air intake with the filter located outside of the engine bay. Either that, or go with the short ram but make a dividing shield from sheet metal (although even this will get heat-soak after a bit of driving). With my CAI installed, the pipe is cold to the touch and the performance has definitely increased. I'd never go back to a SRI on any car ever again.
If you are adamant on the short ram however, and can't be bothered making some type of sheet metal box divider, then at least wrap the pipe in heat reflective tape. This won't stop hot air entering the pod filter, but it will help stop things from getting hotter than they already are.
This is how my headers are in my engine bay. They were professionally high temp coated a number of years ago, but the top needs touching up due to careless mechanics dropping their tools on it when swapping out the engine (plus it doesn't last forever) -