If we are talking cheap functional then there is a product called Wrap Seal for fixing pipes and other things. It is 1" wide and 8' long in the role I got. It is thicker and wider than electrical tape. It has more of a rubber feel to it. I have not used it for a bow grip, but it would work well for that I think. It has a release paper on one side and it can be stretched a lot if you want so it should stay down well and mold well. I have some, and I may try it out just to see. I got it at one of the big box lumber stores.