If you keep putting down the inline sound you will piss someone off.
One reason I changed one of my exhaust systems was because several people told me it sounded like a V8. It didn't but I didn't want anyone thinking that about me.
In my opinion if you can get 1-1 1/2" between the pipes and the pan I would not worry. The only time it would be a issue would be if you were sitting still and then the fan would be keeping air moving out of the engine compartment. A heat shield would help. I don't like the wrap because it can attract and trap moisture promoting more rust, but is does work in containing exhaust heat. That said, I wrapped the Viper headers with no rust issues.
