With external-only coatings, the metal itself gets hotter. Normally, heat is passed from the exhaust gas to the metal to the atmosphere. If you block off the heat transfer to the atmosphere, the heat has nowhere to go and just stays in the metal. If you coat the inside also, there's not as much heat transferring into the metal in the first place, so not transferring it to the air isn't a big deal.
I assume it's the same with a wrap, just not as severe. Either way, blocking the heat from going into the atmosphere will make the metal itself hotter.
As an alternative, have you insulated the CAC? Rather than keep the heat out of the air, just keep the hot air away from the CAC... I plan to get my new downpipe coated (when the day comes that I decide to get one...) inside and out, so as to keep the heat out of the air and the metal...