I'm not commenting on weather this is effective or not but I thought I'd just mention that the tape I have seen does not work one way as well as the other, it's just the way it's designed (to keep heat IN).
If you want to use it on your cooler pipes, use it the opposite way than which it is designed to be used, this way you're keeping the "heat in" to the outside of the pipe, i.e. away from the pipe.