Not sure about heat shrink.Might work great?
Been using the plastic dip along with several buddies for about 30 years.most my stands have been chain ons and I still prefer that connection over any style.They seem to have gone the way of the dinosaur these days in favor of strap ons.
Plastic dip is the same thing you see on tool handles.Like some wrenches.Its the way to go IMO.Its not expensive,wears like iron,easy to apply and will really quiet down a chain.Most hardware stores have it.Just put it on thick enough to dampen the metallic chian sound