What Roe sells is similar in theory to what you have. That is the insulation is placed directly on the tubing and cat as is your header wrap. DC performance sells inconel shielding that works conceptually like the stock design. The heat can dissipate out of the tubing, while the inconel protects the surrounding sheet metal. They also sell a diffuser screen which replaces the end cap of the side sill. This promotes air flow within the side sill and prevents the premature destruction of your cats and tubing that the other methods tend to encourage.
Directly wrapping tubing may actually help with power, by helping to retain heat within the system which tends to keep exhaust gas velocity up. What's good for a racecar is not always good for the street. The street system must endure thousands of heat cycles and maintain it's integrity. If making the numbers are your only goal, then the lesser expensive route of wrapping your tubing maybe your ticket.