When I removed my cowling I noticed the Braided wire had been rubbing aginst the head and broken a few of the wires. I wrapped it up and installed a shield now , and it has no symptoms at this time. Is this a serious problem? , and what should I look for as far as symptoms?

Shouldn't be a problem but you need to do a range check to look for interference.

Send it. My buddy had the same thing happen and they fixed him up pretty quick. Why take a chance?