good idea for sure...if they are beat up/ripped/torn etc...
wrapping is all upto you...some guys like it..some dont. all they are is for looks basically...can help you find them too possibly..
my shop i think charges 75 cents a piece to strip and replace with blazer vanes...pretty sure thats what it was..or maybe it was 25cents a vane/75cents an arrow..i cant remember...putting on the wrap will cost more..plus they run about a buck a piece...soooo your looking at 2-3$ an arrow ballpark....
colors....thats upto you too. i shot 2 yellow and 1 white and now i shoot 2 green and 1 white. pick your favorite colors and have at it....or colors that stand out to you...or camo colors or whatever you like...thats a personal thing...id never tell someone what color fletchings to shoot

ive seen all 3 the same color, all 3 different colors, 2 the same and 1 different...all look goo...to the guy that shoots them.
tons of really good lookin wraps out there now too...personallize your arrows....thats the fun of it...