I have used both wraps and paint on my arrows, anything you add to it will essentially add weight, is it noticeable? Not that I can tell, as long as I get good flight and can hit where I'm looking I'm happy. When I first started building arrows I used Bohning paints, I made the switch to True North paints about 10 years ago. True North is a water based paint, where the Bohning paint is oil based. I used the Bohning paint for 12-15 years before I made the switch. As far as durability I haven't seen a difference, both have held up well, and I have used both on carbon, wood, and aluminum shafts with good results from both. The only time I have seen the paint chip or come off is if I make a not so good shot and bounce the arrow off something hard, or if the stars all align and I smack shafts together paint will come off.
Jason