I can't imagine why, as long as the edges of the wrap have good adhesion, and you are not applying it over rust; Wrap or paint over rust is not good. If not removed (for things other than bikes), I've used Rustoleum Rusty Metal Primer, then paint. Ospho applied (to turn to black iron phosphate), then painted days later, the Ospho came up to the surface with white streaks, perhaps not dried long enough. These days I wirebrush with Ospho until rust gone, clean thoroughly with alcohol, use the rusty metal primer anyway, then paint, and that has worked well.