Good choice on the butterfly swords. I picked a W450 pair up from WLE as well and they are my favorite pair for real practice. I have a set much like the W342-T (from Beijing Imports from Sifu Nelson Chen) and they are great for public demonstration because they are light, quick and flashy. However, they would not offer a realistic workout.
I personally would not wrap them. I like the feel of the wood handle. However, I did quite a bit of carving and sanding with a Dremel tool to make them fit my own grip. After that, I use tung oil occasionally on the wood. The brass I keep cleaned and protected with a light waxing which I melt in with a heat gun and then wipe completely clean. That's an old trick that I learned while working with metals and jewelry-making. The blades are cleaned regularly with mineral spirits/honing oil.
Anybody else with ideas on care for the blades and handles?