ORIGINAL: bigbulls
I have done the spray paint thing in tha past and I prefer the wraps. They are much easier to apply, much quicker to apply, no mess, no taping anything, no fumes, they come off easier than paint.
You're assuming that the same arrows will be available to refletch later rather than being lost or broken . I don't know about you , but I lose a couple of dozen annually , and suffer at least 10-20% breakage/bending on the ones I don't lose .
ORIGINAL: bigbulls
By the time a person tapes up the shafts, sprays them all, and then waits for the paint to fully cure (24 hours) I could have wraped and fletched several dozen arrows.
The spray paint can be cured in less than an hour by baking it on with a floodlight or heat lamp . Painting allows for custom cresting that will be unique to your arrows , manufactured wraps can't say the same since anybody can buy them . Paint also adds far less weight , so FOC change is minimal .