When I started with my wraping, a buddy of mine that set up race cars told me the wrap may hold moister and rust out my pipes. I took the chance and haven't had the wrap off since, so I don't have a clue about long term damage. As far as HP, I removed the airbox, and went with K&N's at the same time I did the wrap, so I don't know. Wow 2 post and I haven't helped any, time for a cold refreshing beverage. Good Luck.