Never tried it on bar tape (only wood), but you might try real tung oil- it's a tree nut oil that hardens as it cures. The "tung oil" finishes at Home Depot and the like have nasty solvents in them, I use pure tung oil (bought mine at The Real Milk Paint Company) and citrus solvent.

As to the OP, shellac finishes on wood will show water glass rings as cloudy white areas which may or may not clear up as they dry out... the sweat from your 45 mile ride, combined with too much shellac, was probably the reason for the cloudiness.