Doesn't look like it properly accounts for the non-printingness of escape sequences.
Input:
$string=
qq{\e[30mDear Prudence won't you want so much glare coming onto my vis
+or \e[3m\e[1m\e[32m[FLIK]\e[0m\e[30m shadow \e[3m\e[1m\e[32m[BLAM BLA
+M BLAM]\e[0m\e[30m helmet actually gets the shadow.\e[0m}
ta_wrap($string, 68, 5, 5) -->
********************************************************************|
Dear Prudence won't you want so much glare coming onto my visor
[FLIK] shadow [BLAM BLAM BLAM] helmet
actually gets the shadow.
********************************************************************|
