I don't know how well exhaust wrap would hold up on an offroading vehicle, I have heard if it traps water it can make things rust out sooner. I have considered getting my exhaust ceramic coated, that would greatly decrease the radiant heat escaping from the exhaust. I think doing vertical walls to the sides of the exhaust to keep it from heating up the rest of the underside would definitely be a good start, but I don't know if that would be enough to be able to seal the pan off under the exhaust. If you don't have some sort of cooling or airflow the heat would eventually start to build, it just might take longer.
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