We're not really doing "santa" this year because DS is still young (though he is getting xmas gifts separate from birthday gifts...they're just from family rather than santa.)
Growing up we did not wrap gifts from santa. My parents would lay them out in front of the fireplace after we went to bed, and we would discover the toys in the morning.
But if the presents are to be wrapped at all, I think it's fine to wrap them ahead of time.