Be careful. If you use the Merged Solid option, it will include all components merged into a single "merge part" before exporting to shrinkwrap.
The Auto Holes Filled option doesn't work with our parts, so we haven't been successful at getting "only exterior features".
When we want to protect IP, one technique we've used is to create part-level (e.g. exclude feature or work zone) and assembly-level (e.g. exclude or substitute) simplified reps. Then you can shrinkwrap the simplified rep.
Andrew Kelly, P.E. | Senior Engineer | Crane Aerospace & Electronics | +1 440 326 5555 | F: +1 440 284 1090