An MRI can be definitive, especially an MRI arthrogram. That is, when dye is injected in the joint before the MRI is completed. The dye is usually injected under flouroscopic guidance. When I suspect a torn labrum, I ask the radiologist to inject a long acting anesthetic into the joint as well. If the pain and symptoms are eliminated, this is diagnostic for a labral tear.
If flexing the knee and hip to the 90/90 position and rotating the hip internally produces pain and popping, this supports the diagnosis of torn labrum over hip flexor strain. Absence of pain with this maneuver tends to eliminate torn labrum.
If wrapping the hip eliminates the pain, and you are satisfied with that, I would be inclined to continue with that. As far as the long term, I'm not sure anyone really knows the answer to that question presently.
Thanks