Around 5 months ago, I put electrical tape around my cracking, splitting, flaking foam pads on my drop bars. To my amazement the electrical tape held and keeps on holding. Perhaps it is not as grippy in wet weather as the traditional handlebar tape. So be it. Interesting how the tape mimics a leatherette lounge chair, luxury at a reduced expense. Anyway, carry on!
I wouldn't recommend electrical tape for handlebars in general, however with the added cushion of the foam, makes it ideal.
I had also needed to overhaul my bike's bar end lever on one side. I took a razor blade to the taped foam and voila. Easy access and easily rewrapped when done.