And is there any real, independent, certified data that this does anything but heat the turbo up, reducing the lifespan of the bearings?
It has been empirically proven that ~80% of the turbines power comes from heat and only 20% from exhaust flow. From there it is simple extrapolation that keeping the turbine hotter improves turbo efficiency.
A very high percentage of professional race cars use a turbo blanket and/or heat shielding around the turbo so I think that say's something about the merits of heat control around the hot side of a turbo.
The pro's are
-Hotter turbine
- Cooler under hood temps, -increased longevity of components because of lower underhood temps. -cooler intake air because of lower underhood temps and less heat soak.
The drawbacks are as mentioned exhaust parts wrapped in heat wrap/blanket die sooner from the increased heat and moisture retention, not a good combo.
The turbo bearings are designed to function in extreme heat and wrapping a turbo will have a negligible effect on the bearings life. If oil coking is a problem it may exacerbate the demise of the bearing but they're going to die anyway unless the oil coking is managed with better shutdown procedures.