I'll second tommykat1's Blue Majic recommendation. It's a simichrome polish that works really well. As far as Novus goes I've used Novus 2 on dull, well worn drum wraps with excellent results. Probably wouldn't on something in nice condition though as it's not really necessary. Novus 1 will just be a "cleaner". No need to spend the coin IMO as I'd just use a quality automotive wax like jp indicated. DO NOT use Novus 3 on a drum wrap. It's heavily abrasive. I don't even use it on scratched acrylics prefering to wet sand progressively and then polish with Novus 2.
That's a special drum there. Take good care of it!
+1 Nailed it. I tried Novus 3, 2 and 1 on the plastic headlight covers of my 2004 Chrysler Pacifica. After all these years, they were really scratched and dull. The Novus did not work. I ended up having to progressively wet sand the lenses using emery cloth from 300-ish to 1200, followed by Meguiars Hi Tech cleaner, Swirl Remover, and then Novus 2 and 1. Meguiars makes plastic cleaner and polish that could be the Novus products 1 and 2 under a different name. Same color, same smell, same consistency.
BTW, I wet sanded my 1960 red sparkle Rogers drums with 400 emery cloth and up, and it really didn't do anything to the shine. A good cleaning and waxing is all you can really do, and if the wrap is scratched or cracked, you won't get past it.