Wrap, then silicone spray to seal it.
No point what so ever. It's good at causing engine bay fires and making up for piss poor design where radiated heat is causing local components to melt.... as such its a staple of the low volume sports car industry.
You don't need it, you don't want it and it won't do anything useful.
Cheers
M
Will silicon spray not just evaporate after a while anyway :S