Had my first set of FR stuff coated with it. It is more like a silver paint than a ceramic coating. I would not recommend it unless you only wanted something for appearance. Plus Dmoney, I would not be the least bit surprised if the heat raidated off of a poorly insulated turbo system F'ed up the paint applied to surrounding surfaces. If I were you I would use the Swaintech White lightening coating that Unabomber suggested, much thicker and better at retaining heat. If worst comes to worst you can coat the White Lightening with whatever color VHT Flameproof paint you would like.
But if It was me I would wrap it;-)