Wet it down if you are going to disturb it. That will keep the loose fibers from flying around. You might want to wear a dust mask, also. At my previous place of employment, you would have needed a Tyvex throw away suit to cover your clothes. We treated all insulation as asbestos until proven otherwise by lab test. Better safe than dying of lung cancer.
Edit: Replacing the wrap will allow you to check the piping on the system. Look for soot under the wrapping and corrosion at the joints.