I dont know how well it would hold up to heat but theres a chemical that you can buy at any parts store that converts rust into primer, but im not sure once its dry what it will do when the headers heat up. Id just wire brush them and buy some high heat paint. Go to www.eastwoodcompany.com they have special paint to use on exhaust manifolds. Ive seen that silicone spray, sounds like the way to go. hey with header wrap you supposed to gain a few ponies, killn two birds with one stone eh. 
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'95 GT convert. K&N, C&L mass air meter, Performance distributors sreamin demon coil, dyna mod, live wires, king cobra clutch, flowmaster american thunder exhaust, UPR billet adjustable shift handle, Crane Cams Fireball HI-6 box,underdrive pullies, 255lph fuel pump, UPr short throw shifter, caster camber plates, 03 cobra lower A arms, bullit suspension, cobra front brakes
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