I've seen it done, looked a little crappy, like somebody didn't take their time doing it. I like the idea of wetting the wrap; I used a stove pipe wrap up north that you had to wet and it worked well and baked on, same concept.

I'm probably going to do this to my FLHR, Florida heat is a bitch!
There is a coating to apply to the wrap once its done, you can get SS Ty raps at Home Depot to help hold it in place before putting the shields back on...

 

I think the king has a higher compression ratio than your old bike, that's where the heat is coming from. I have seen lots of people wrap the pipes under the shields and they claim it helps but its really just a Band-Aid in my opinion. At the very least get the bike flashed at the dealer if you don't plan to play with the engine any further.

 

I wrapped mine after the cat came out. Heat shields still fit no problem no rust yet after 2 years and not so hot.

 

what do you mean flashed?...i still want to do a stage 1 air breather ect.

 

For those that are happy with a mild update you can go back to the dealer and for a nominal fee the can change the map in your computer to compensate for slip-ons and an air cleaner upgrade. (stage one so to speak) Even if your bike doesn't actually have the parts on it with the "flash"it will run cooler and likely be more responsive. You can put the parts on later. They can not taylor the map to your parts specifically unless you buy all HD parts put if its just an a/c and slip-ons its not that important.