No, no issues. After removing the heat shielding, you will see that there is a secondary heat shielding/insulation on the underside of the wall between the exhaust and the trunk. I would leave that in.
While I don't hang out in the trunk to see how hot it gets, the milk stays cold on the ride home.
Mine is also wrapped. Be advised that you should re-wrap at least once a year as the wrap disintegrates over time due to the heat.umm... I cut mine so that I left the top piece so whatever i had in the trunk would not cook. I took off that ugly U tube cover and wrapped it.
As you can see my wrap is fading already, you should go with a high performance wrap, unlike i did.