Jake, I chuckled when I read the title and with some of the answers. Busting ***** is part of life on any public forum.

Getting back to your original question. Decating the pipe will reduce heat. Whether it's enough is debatable, Quick class in thermodynamics and chemistry. Gasoline is great as it doesn't weigh a lot but packs a lot of energy. Releasing some of that potential energy in the cylinder produces heat through a chemical reaction. The gasoline (a hydrocarbon) turns into a less complex set of materials, which are exhausted out the cylinder. So, more cubic inches and more work (torque and horsepower) the more byproducts. Those byproducts are hot, so the more of them you have, the more heat there is.

For BMW lurkers, a Venti Latte has more hot coffee in it than a Grande Latte. Venti has more energy than Grande. Want to make sure they can follow along.

That heat has to go somewhere as you're riding along on a nice 72 degF day (or 23 deg in Delaware... WTF). Most goes out the back of the pipe and a lot goes out the side of the pipe. Wrap the pipe and more now goes out the tail end.

The catalytic converter is there to remove 3 things from the exhaust, Carbon Monoxide, Nitrogen Oxide and unburnt hydrocarbons. Those 3 items react in the catalytic converter to produce carbon dioxide, water and Nitrogen. But, the process produces heat... a lot of it. The red box in the picture shows the conversion process. The process is also more efficient at higher temperatures, so the engineers WANT the cat to be as hot as possible. So it's designed to burn the crap out of your leg (that's a joke).