Rich,
anything that keeps the heat in will make the exhaust exiting hotter. (Obviously) On a metal prop I doubt it would be a problem unless you run the exhaust very close to the prop. Various composite props you better ask the manufacturer, it is a concern. You can also run the exit into a short annulus and draw air in around the exhaust to help cool it quickly. Like a really short augmenter. You would need to test the heat, but I haven't heard of anyone having a big problem with this and wraps and ceramic coatings have been around for 20 years.
Bill