Insulating Hot Water Pipes
Because it's easy and inexpensive, I would go for it.
[This message has been edited by rpxlpx (edited April 08, 2003).]
The only way to reduce the 30-second wait is to 1) move the water heater closer 2) move the shower closer, 3) install a local water heater closer that only provides hot water to that bathroom, or 4) install a tankless heater near the bathroom that heats the water right next to the shower just before it enters the shower.
As for the tape question, there is waterproof tape, but I would think you would want more than just tape to protect a 65 inch t.v. I would use fiberboard with a waterproof side or a plastic sheet/panel, or cover the pipe with a plastic sleeve for reinforcement/a safety net. What you would use and how you would use it would entirely depend on the layout of your home and ceiling, which we cannot see from here. :-)
[This message has been edited by Lawrence (edited April 11, 2003).]