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When you say "cut the wire back" you mean cut the wire back to the casing and then re-insert/attach the red wires/casings to the metal clamp?
If I take the "shrink wire wrap" option....If I go to the hardware store and ask for "shrink wire wrap" they will know what I'm referring to?
Also do I need any special tools/gadgets to apply the "shrink wire wrap"?
Will it need time to "cure"/dry/adhere, before I replace the heating element and begin using the oven?
Will the "shrink wire wrap" need to be replaced every so often (ie. every 5 years)?