I don’t know. If the only reason you won’t use electrical tape on an ice rod handle is because it destroys cork, you aren’t applying it correctly. (No offense intended).
I went over this situation when I got my first custom ice rod. Castration bands work ok but the indents left on the handle enraged my ocd. Not going to have it. As far as a “wrap” goes, electrical tape solves a few things for me. 1, it’s super cheap. 2, you can get different colors and color coordinate separate rigs. 3, it lays flatter than any other “wrap” I’ve tried. 4, it’s easy to remove at the end of the season for reel swaps. 5, it doesn’t come undone for years. 6, (and most importantly) it’s what I had on hand in the first place. And 7, the sticky side out first wrap holds my reel in place while I wrap the over wraps so the reel doesn’t shift and become off centered. It’s almost as if it was made for the application….
Some guys use zip-ties like on pre-assembled combos (although those are to deter theft in the store, they secure a reel on rather well) but they can become bulky/uncomfortable around the grip, IMO.
The heat shrink is a great idea but prolonged exposure to all that heat may start to interact with the glue binding the handle to the blank. I’d rather not risk it and I take my reels off at the end of each season. A permanent attachment though and heat shrink sounds like a winner if it doesn’t tear.
I don’t see any reason to stray from electrical tape though.