ShrinkWrap

I don't know any more than you about the subject, but think a couple of pertient questions would be ...

What purpose will the shrinkwrap serve?

With or without AAX?

A shrinkwrap can be created using File-->Save a Copy and changing the type to Shrinkwrap.

The three basic options:

Surface Subset - Copies external surfaces from each part and merges them into a single part. The result is a very lightweight surface part file for assembly. Appearances are also maintained.

Faceted Solid - Creates an envelope (based on the quality you choose) that shows the general shape of the model. All gaps are filled in (you lose the actual appearance of the model, and get a "blob" of the same general shape).

Merged Solid - Creates a solid model of the external components of the assembly. This can be used to retain mass properties and appearances. The higher the detail, the more parts are added.
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The settings also allow you to control the passing on of datums and additional surfaces or parts. You can also choose whether or not gaps and holes are to be filled in (makes for a more lightweight model.. and I realize the irony of filling in holes making something lighter )

What you choose depends on what it will be used for. Making a shrinkwrap lets you create a single lightweight component for a customer without giving away your product information, but you need to make sure that the data is useable on the other end....