Here's a post with pictures of exhaust shields ( http://www.m3post.com/forums/showpos...2&postcount=34
), so they don't cause any clearance issues. Plus I'd install the shields before the exhaust anyway, to make it easier.
Now, to the wrap, which was option #3 guys (you need to scroll below the shields, and they sell it in black as well). It's made by the same company, which is reportedly the best on this kind of material. Their instructions mention coating the wrap with a spray sealer they sell, so the total would be about $30 (for 15', which would wrap about 1' on each side -same as shield), but still a lot cheaper than $90.
Finally, 'jet coating' would cost a lot more than $30 (or even $90), and for this application, would be out of the question. We're only talking about a foot of length. Oh, and the stock shields are welded on, so I'm not going to touch them. Thanks for your help.