It depends on the guitar. Some benefit from the top wrap, some don't. Some benefit from the tail piece being lower (or higher), some don't.
It's wildly different depending on the exact break angle of the neck and how it was glued in at the factory. I've done a few measurements and experiments with this, because obviously i'm a gibson style guitar fan, and newer style les pauls tend to be good with a normal wrap and tailpiece height - it's the historics and vintage guitars (and vintage spec guitars) that can benefit from the top wrap, generally speaking.
But that isn't a fast and hard rule, it seriously depends. It doesn't really change the sustain either way, but it can help with the "feel" of the strings and the tension with bends... the short scale length is already really forgiving for bends though, and at some point it can get too loosey goosey.