I routinely wrap my bar with a "modified" figure 8 so that I can wrap inside to outside on the lower and front to back on the upper and so that I don't get that exact "bulge" you mention. I don't use the extra tape and you can see my shifter's bare metal clamps when you look for it.

In my opinion, if you have enough time to examine my bar wrapping job out on the road either I am not riding hard enough, or you are not riding hard enough.