Deteriorating asbestos wrapped pipes need help

Yes, there is a product. Plaster impregnated gauze bandages, really intended to make casts for broken bones, but also sold for modelling work. This stuff: https://www.micromark.com/Plaster-Cloth.

It's a bit messy to work with, and isn't classed by anyone as remediation (which, of course, it isn't), but by completely encasing the asbestos makes it so it isn't a hazard. You will want to wear a good dust mask, and you will also want to keep the sections of asbestos on which you are working damp, so they don't dust.

You can also buy the actual encapsulating mastic from numerous sources. I do not recommend this as a diy project. I know someone in Brighton where their house ended up being demolished because a contractor tore out a wall with asbestos containing rocklath without testing or containing it and demolishing the house was cheaper than cleaning it up.

I beg to differ. While I cannot recommend the encapsulation method with plaster impregnated gauze, since it is not approved by the Powers That Be, it works to remediate the hazard, which should be the objective. If the objective, is to protect you and your family and guests from the hazard posed by the asbestos, then just do it.

If the objective of the exercise is to satisfy regulatory concerns, however, there really isn't much choice except full remediation -- which is very expensive. There is some risk -- which I cannot evaluate for you -- that the Authorities may determine that the hazard presented by the asbestos is a Risk to Public Health and condemn the structure unless it is remediated; the remediation may well be more costly than the structure is worth.

There is also this consideration: the presence of asbestos, even though it has been safely remediated by encapsulation, will reduce the value of the structure if a sale is planned. There are several aspects to this, not all bad. First, if you were to sell the structure you would get less money for it than you had hoped, and you may have difficulty in arranging a large mortgage. Second, you may have difficulty obtaining homeowner's insurance for it (though there are other reasons for that, such as having fuses instead of circuit breakers). Third, however, because of the first, you should be able to argue for significantly lower real estate taxes, which are supposed to be based on fair market value.

@JimHP As a fellow DIYer you have my respect and admiration for trying to improve your home.
This is supposed to be Heating Help. How about we try to HELP Jim instead of telling him to "Let them eat cake"?
HIGHLAND PARK, MICHIGAN is a long way from Brighton, Michigan and the fancy pants east coast towns many of the Heating "Helpers" live in. I'm not talking about distance.
In 2000, the city's median household income was $17,737. Males had a median income of $31,014 versus $26,186 for females. The city's per capita income was $12,121. About 32.1% of families and 38.3% of the population were below the poverty line, including 47.1% of those under age 18 and 30.8% of those age 65 or over.
22 years later in 2022, I doubt things are better.

Jim, If I were faced with your project, I would:I expect to get criticism for my post from the 'let them eat cake crowd" who have no clue as to how things are in Highland Park, Mi. These people don't live in the real world. Since they have more money than common sense, perhaps they would like to send Jim some a lot of cash so he can afford to hire everything out like they can?

2000 Highland Park is very different from 2022 Highland Park.

if you are going to do that, get it wet first.