instead of losin the sprocket cover you should chop it to match. I'm doing the same thing with the cam cover but using a spiderweb pattern on my sprocket cover that flows into it. and yeah, wrap them pipes...lol. I hate chrome on Nightsters...just looks outta place. Use scotchbrite on the unwrapped portion of the pipes...it looks awesome.
I've toyed with the idea of chopping the sprocket cover and may do so in the future. I love a "mechanical" look, so I prefer naked sprockets right now.
I like your scotchbrite idea, but have never seen the the outcome on chrome. Do you have pics?