That's pretty much the way I understand it also. Probably thinking of snakeskin. I have actually cleaned and salted diamond back skins when i was younger, because we use to have alot craw up on the properties around here, and were afraid someone would get nailed By one, so we took them with a 22 when we ran accross them, and a buddy , and I use to save the skins when we were growing up. Hardly see them anymore, because things are quite different now with all the development. Rarely, I still run accross a shed from one ever now and then though. The skin does break down over the years as it dries out if not sealed, and the scales start to raise or lift.
Alot of people may not realize, but rattle snakes can swim as well if not better then cotton mouths. we ran through one when water sking one time that was over six feet long, and that thing could swim on top very well. That was alittle bit of a hair raising experience. They can even strike from the waters surface very easily.
Anyway back on topic, I would think that even if you pulled a wrap off, that the chances that you could re-use it might be low, so even If lizard did breakdown, I would still get My use from it before changing the wrap. I imagine it's fairly durable though.
Greg