I have a silver maple that I planted in the spring of 2007. The trunk
is about 1 1/2 inches in diameter, and stands about 9 to 10 feet tall.

North Texas storms have been coming through, and the tree now has some
damage about 4 foot up the trunk.

See the pictures here... http://www.flickr.com/photos/26129857@N02/

I've heard of bark tracing, cutting away the rough edges, as close as
you can to where the bark is solidly attached to the tree. Problem
is, the bark is peeling off on more than a 180 degrees of the
circumfrence.

I'v also heard of wrapping it with duct tape, and checking it every
three months.

What is the best method to repair this type of damage?

Is it a good idea to keep it covered, or will direct sunlight be more
beneficial? Maybe some velcro straps to keep the bark as close to the
inner trunk as possible?