If used properly, the wrap option has the potential to make successful searches much faster for sorted databases. It makes no difference to failed searches. Panorama will always search every record before deciding that there is no match, regardless of whether the wrap option is used or not.
Now you are correct, there could possibly be an even faster lookup that started from the last search and didn't wrap. In fact, it could stop searching as soon as a value was found that was less than the searched for item, so it could be much much faster for failed searches. Perhaps I will consider that.
However, the current wrap option is guaranteed to find a match if it is there, even if the databases aren't sorted correctly. If the databases aren't sorted correctly, performance will suffer, but it will always return a match if it is there. But if there was an option that worked the way you are proposing, the lookup would not work reliably if the databases weren't actually sorted in the correct order.
As someone who has to provide tech support, I would not relish the support requests coming in saying that "lookup doesn't work -- there's a match and it didn't find it". People will insist that the files are sorted correctly when they aren't, or they won't even know that is a requirement. The scheme you are suggesting will invite this sort of very difficult to track down problem. Beyond tech support, there will be customers with silently failing lookups that won't even realize that there is a problem -- they'll just wind up with incorrect data. They won't be a tech support problem, but maybe their Mars lander will crash, or a patient will get incorrect treatment. In spite of the potential benefit for some smart users, I'm not sure that is worth it. Perhaps it could be done with huge caveats in big red letters, I'll think about it, but no matter the warning, it will get misapplied at some point.