Painting exhausts, it never lasts, will start to chip at some stage and look ratty, period.
Unless you going to race, wrapping a pipe is also a waste of time and it buggers up the pipe if it's mild steel, rusts very fast...wrap loves to retain water and try riding in the rain, the steam that is generated, looks like you running the bike on water when you stop...
I wrapped my R1's Titanium header to protect the fairing and to reduce the heat around the engine, performance gain is almost ZIP but it did the job I wanted...fairing lasted...unless you running a turbo with high boost warpping is pointless but that is another story...
Ok, if you must paint it, bake the paint, paint likes to be baked at a certain rate to a certain temperature...using the engine to "bake" it will not work well. Ramp up times will be drastic as well as cooling off...the paint will start to "micro crack" and adhesion....be poor.
Send it to the guys who paint header pipes, they'll have the right process for you, get it right first time.