Cold Shrink Tubing
3M makes a product called 'cold shrink tubing'. It is a thick-walled, cushioned, rubber tubing that is expanded around a plastic, spiral-wound core. It was originally intended to insulate splices on high voltage wires. You slide the expanded tube over the splice, handle, whatever; grab one end of the inner, plastic spiral wrap; and as you pull it out, the tubing collapses tightly around the item.
It's a very cool and fun product.
I have used it many times over the years for many handles, to pad them and reduce vibration, cold transmission, etc. It's a little hard to find as it is an industrial product sold through wholesale electrical supply houses, but comes in several different diameters and many different lengths.
The 3M link is long, so just Google '3M cold shrink tubing'.
Stiletto sells it as a high-priced accessory to their high-priced titanium hammers (
http://store.stilettotools.com/catalog/accessories-c-7.html).
*** The only question is whether it would bend around the corners of your wrap handle with the stiff, inner core. *** But if it does, I think that you will be very happy with it.
Philbert