@ Brad L...
If you are using cloth tape, locate the levers where you want them and then secure the lever clamps in place with PVC tape. Remove the levers and then wrap the bars with the tape. This system makes wrapping around the levers extremely easy to achieve really good clean results with...
Install the lever body and lever after wrapping...
This system would work with your plan to cover the lever body first and then install. I use this system because I find that wrapping with cloth tape is difficult when it comes to getting around the lever bodys...