To add insult to injury, as the original photo shows, the car was fitted with A/C from Frigette in 1951. Frigette made cooling units for cars starting in 1918. Perhaps it was for some sort of trucking instead of ice?
In any case, as with all A/C units, the radiator is restricked by the condensor(?) in front of it. This causes a problem with a push electric fan as there is little room left AND little roon for a pull fan, which is better, but unsightly.
Once again, I can see the need for the "wrap" in regards to the water pump, BUT with that overhead exhaust I cannot imagine it making much difference in the engine compartment area. Other than being unsightly, why didn't they wrap the entire exhaust starting with the manifolds?
Should retitle this " How to Remake a Better 1948 Cadillac." LOL