Wrap deformers are slow. But I guess you're not wrapping the blend shapes (creating blend shapes on a low res model, and wrapping a high res model to that).
So what you could do is animate the blend shapes on another model. Create a copy of the head with blend shapes, and animate that. There are several ways you could connect this animation up to your wrapped character. I.e. connect the sliders you use on the seperate head to the shapes on the wrapped head, use the seperate head as a single blend shape on the wrapped one, perhaps connect the outMesh on one to the inMesh on the wrapped one (not sure this would work).
Anyway, that might solve your problem.
Also if your head is a seperate model from the body. It might be a good idea, not to wrap the head, but just skin it the old fashion way. Heads are fast an easy to skin, as it's more or less only the neck that deforms.
Ragnar