Mike,

I have a few arrows fletched with wraps, everytime i had to replace a vane, i stripped everything incuding the wrap.
You have to be very careful to not to damage the wrap stripping the vane, which i think is next to impossible, especially if you are using aae fastset,and goatuff type super glues.
You might stand a decent chance not having to replace the wrap if you are using feathers and bohning platinum glue.