I would seal it if it has conditioned (heat or AC) air in it. by seal I mean the joints and seams. you can use approved tape (not duct tape, but tape for ducts) or mastic goo. I have had to do this for some home sales because of inspection reports. It is not that big of a deal. I used the good and a disposable brush. Insulation might not be a bad idea. Here it is all crawl spaces not basements so any heat lost is straight to the outside. Even on a return line you don't necessarily want it sucking in air from the basement. there are a number of good articles about that in various energy saving type websites
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