Yes it does get wet if it's applied in its stock unmodified form. My hands are pretty thick skinned from my time in the gym so I wouldn't be able to give a good answer. I've never had my hands slip with bars wrapped in it.
~~What does matter is you'll virtually have no cushioning/ shock absorbency with the stuff.
You should also consider asking this question in the classic & vintage forum, the stuff is more popular over there.
What they said. Without shellac it fades and wears pretty quickly, becoming ragged. With shellac it should survive the apocalypse. I always wear gloves, so I don't know if it would blister my hands or not. As for comfort, I like less padding around the bars, so it suits me fine. Your experience may differ.
Also, I like cotton tape because it's thin enough to do this
I have and prefer it to other cloth tapes and all other tapes and grips- I even use it on my bmx. Feels like my girlfriend's jeans, nice and soft. It gets softer after each rainey ride. No blisters, but I have my bikes fitted. I wash my hands before I ride, the bars just look nicely worn.