In the bad old days asbestos lagging was used to wrap exhausts, it worked better than the fiberglass stuff used now.
On the other hand it did a better job of giving you cancer too!
I'd not bother with wrap and go straight for the ceramic coating, or do what I did for the exhaust extractors on my ute, witch was make a heat shield outta proper heat shield material, the reason for this was as it's my work vehicle I couldn't afford to have it off the road whist waiting to get the extractors coated.
BTW, the red thing bolted to the fire wall is a cattle call, It makes a MOO! sound to call the cattle up for feeding, it is operated by a cable and lever, which can be used to vary the pitch in order to make realistic cattle vocalisations.
I use it as a horn......city people don't pay much attention to the usual beep beep but the noise of an angry bull gets their attention, works well on cyclists and inattentive pedestrians with their heads buried in their damned phone!
"Keep calm, relax, take a deep breath, focus on the problem & PULL THE BLOODY TRIGGER"
'80 Triumph TR7.
'97 Ford Falcon Longreach 'S' ute,
'83 Jaguar XJ6 Sovereign S3.