Ok, I can wrap the IGES around the cylinder using the Wrap feature.
Where to from here? Is wrapping the best route? How do I go about
extruding the wrapped sketch? I tried Offset - but I need to sketch on
a flat plane and this is going in the wrong direction...
I've attached another file with different a different IGES. The previous IGES text didn't wrap completely around the cylinder.
Turns out it works fine using Offset > With Draft feature. I still wonder what's going to happen when my sketching plane for the Offset > Draft intersects with my sketch. Just create an additional datum? Probably.
I'll try this out in the real world tomorrow and see what happens. File for the completed & extruded wrap-around attached.