Incisional redness is fairly common. Usually it is part of the healing process. If it becomes very painful, drains, or gets redder than one worries about infection.
Shrink wrapping after rhinoplasty refers to the process where the soft tissue overlying the cartilage and bone framework of your nose will contract down to more tightly adhere to the underlying structure. This process of shrink wrapping can take upwards of two years before it plateaus completely...
Generally most swelling/lumpiness/pinkness will fade over time and most columellar scars heal very well. However, if the scar looks terrible at 7 weeks, the improvement with time may not get you to the point that you are happy. So, in rare circumstances I will revise a scar sooner than normal....