I think it can definitely help a bit! My only worry would be about how much the growing point is being protected. The trunk itself is a lot hardier than the actively growing part and any more significant damage to that could cause problems.
I think it's a really good idea to add and remove the mulch when needed.

I think wrapping the tree is a good thing since it will stay dry so that won't be a factor. I would definitely also wrap the crown. As long as it's not plastic, it will be happy to have anything on it as a barrier from the cold!

Good luck! It has been a rough winter for a lot of us!
-Alex

TZ7,
THanks for the response al always. Your knowledge and experience always helps when I am in need of advice on the palms. I may ponder on another method of keeping the crown dry without having to completely wrap up the petioles and all. We have a warmup tomorrow, but then it goes right back to lousy low temps all next week...Teens during the day and single digits at night.

The warm up will at least be nice! I think after this cold spell the worst of winter will be over and we'll slowly start heading into spring so I'd put everything you can into keeping them happy this coming week and hopefully after that they won't even be in danger again of damage this season.

I'm so tired of this winter too haha but it looks like the end to this cold spell is finally in sight and hopefully the rest of the cold this winter won't be nearly as bad.

Good luck! The crown is usually the most vulnerable so any protection there would definitely be better than none.
-Alex