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I have it on my fuel lines because my longtube headers are too close for comfort. Pretty straight forward as said before....make sure you use the metal ties instead of plastic.
I don't have experience with this, but if you drive the vehicle year round in all types of weather, I probably wouldn't wrap the headers if they're anything besides stainless. The material will absorb water/moisture and I'm sure it would promote rust and decrease the header life over time.