Tape holds OK for fishing. Lotta different tapes though. Most are too weak/elastic. If not when you put it on, then when you leave the rod in a hot car. On a thicker blank (fiberglass), tape works well, as you get to the thinner (tip) part of the blank, it doesn't.
Tommy tape you gotta watch. Most of what I have seen is very thin and slippery. Neither quality works on a rod. Better for color coding than for binding. If you can find the heavier duty stuff, you should be OK.
I have a blackfish rod with the guides taped on spiral style. Cheap mystery blank. Threw it together a day before fishing with the intention to fine tune it and to make it nice eventually. Rod came out ultra sensitive and perfectly balanced on the first pass. I'm afraid to change anything. Fish it with 65# braid and a locked drag. I can't believe that it still holds up.
Shrink wrap? Heat shrink? Dunno if I want that much heat all over the blank. Cold shrink is too thick.
BTW, if you spiral tape the rod, you don't have to align the 180 degree guides perfectly. Put a line through the guides and pull like crazy. They straighten themselves. Beautiful thing.