It seems to me that what you are describing, basically is "a soft-body problem," in the sense that you want one planar surface (the shrink-wrap) to follow another one. You don't care about gravity, inertia or any other forces that exert their influence in a straight line; only the attraction of one surface to another. And what you want to do (it seems to me), is to animate that attraction so that it increases over a short period of time. As the attraction between the shrink-wrap and the wrapped-surface increases, the shrink-wrap will lose all attempts at variation and will conform exactly to the surface.
To make this look good, you'll want to make sure that the number of vertices in each mesh is about the same; that the "density" of vertices is about the same. You'll need to pay close attention to the "lay of the land" and make sure that the wrap surface has enough points, in the right places, to conform smoothly.
Your handling of specular highlights on the two surfaces is going to be really important in making the whole effect "fly." For instance, you don't want to wrap a plastic surface with another plastic. If you're not careful, as the two surfaces get close to one another they can "merge" in a particularly jarring way that's hard to describe unless you see it happen: the 3D-illusion is broken.
Plan to use camera-cuts to your full advantage. For example, you probably want to have the shrink-wrap first be "approaching" the surface-to-be-wrapped, then show it tightening into place. A camera cut falls naturally here, and it can make your work a lot easier, because you can tackle each problem using separate techniques. If the audience sees this sticky stuff heading toward the protagonist, CUT TO the stuff finishing the act of tightening into place (and, ideally, acquiring some of the texture of the surface-being-wrapped... it's sticking that tightly... you'll have this shot "in the can" and I doubt you really want to do too much more. Getting wrapped in plastic is probably an idea you want to "get across clearly, but not belabor."