Well my manifold is HPC coated, which acts like thermal wrapping, but looks like chrome paint (which then dulls once heated), refer to pics above. You can also get the HPC coating in black, which wasn't available through ETM.
You are right about the thermal wrapping crystallizing the metal and causing it to crack (over a extended period of time), that is why i only thermal wrapped the dump/front pipe. To reduce the effects; paint the pipe first with heat resistant exhaust paint, let to dry, then wrap the pipe, let to dry, then paint the thermal wrap with the same exhaust paint, till fully coated.
A custom heat shield was made for the turbo (to prevent burning the paint on the bonnet) and also along the chassis rail to protect the loom, hoses, etc.