Has been done before and looks really good (although I've only ever seen a handful) - so a "yes" vote from me.
Personally I'd get them resprayed - I'm not sure you'd get an adequate finish from plasti-dip, and painting the various trim pieces would probably be easier than wrapping (even with the necessary prep).
If you're thinking about it in terms of returning to standard in future, I wouldn't worry too much - new arches etc. from BMW are actually surprisingly reasonable. Would likely be easier to buy new, rather than return to original (especially once you've accounted for broken clips and the like).