I use it all the time at work. It works great except it can become dry and brittle in the sun. For that very reason, I end up wrapping electrical tape over it when waterproofing electrical connections that are exposed to the elements. That being said it is cheap, readily available at your local Home Depot, and leaves no residue when removed. Won't hurt to try it.

Personally I've always wrapped my bars starting at the stem. That way I don't need finishing tape.