I thought I read sometime ago that the heat wrap will cause the pipe to run a lot hotter and the metal will get brittle after awhile. Has anyone experienced this as I would like to wrap my DP also to drop under hood temps?
Yes, wrapping the exhaust leads to metal fatigue and rust.
As far as exhaust wraps.....
There are numerous examples of bad thing things that happen when using thermal wraps,
use the search feature and read it for yourself. Numerous long term experienced members don't recommend it. Cars have burned to the ground because of it, yet a new member says it's OK. Do the math on that one and you'll have the correct answer. Powder coating has virtually no thermal properties and can cook off over time. Ceramic coating or Jet Hot coating is the right way to do it. It's durable, it has thermal properties that help keep the heat in the exhaust pipe rather than radiating though the metal, it helps resist breakdown of the metal.
As far as HP gain, well..... it's more like reducing the HP lost due to heat radiation. There are advantages to keeping the heat in the exhaust rather than letting it radiate from the pipes under the hood. Ceramic coating on the headers aides in turbo spool up, but not by much. Remember, expanding heated gas is what drives the turbo. Cooled exhaust containes less energy and ability to drive the compressor. There's also the arguement that as the exhaust cools in the pipe, it helps pull out the exhaust further upstream for a scavenging effect.
However.... I subscribe to the theory that these cars respond to a sum of lots of little details that eventually add up. It's the sum of all of it's parts. Your hoses and plug wire will last longer too due to less radiant heat. I mentioned previously that my headers, crossover and downpipe are coated and still look new 10 years later. That is money well spent. Try that with a wrap or powder coat and you're in for a disappointment if not a downright safety issue. There are turbo blankets that have been used with some success, they aren't sitting right next to a valve cover and are far less likely to become saturated with oil.
In the end it's your choice, my advice is do it right rather than do it over again later.