RE: What are the advantages (if any) of using arrow wraps?
Retune? Any change you make to your setup should make you check your tune. Sometimes the simplest things will make a big difference and other times not, but checking it afterwards is a good idea.
I seriously doubt adding 8 grains to an arrow is going to make a huge difference, if any at all. In theory, you'll lose about 2 fps with the added weight.