I have used plasti-dip on my last two projects and it wored great. I got the one in the tall can so I litterally dipped the ends of my rods in it. The first time it took about 3 dips to get the thickness I wanted and I let it dry overnight by sticking them upsidown in a bucket of rocks (sand would be better) and it was dry in the morning. The second time, it was a few months later, the plasti-dip had dried out a little and it only took one coat to get the thickness I wanted. WARNING: don't touch the plasti-dip with anything or it will go horrobly wrong and you will have to wipe it all off and dip it again.
Plasti-dip is adventagous when you have an open space in your rods that you need covered. I made some removeable rods that slipped over my puppet's hands instead of going inside. It was a couple of giant paper clips with their middles snipped off and the left over enlongated loop glued alonside the rod. I needed it to be camoflaged in the black fur of my puppet and I also didn't want it to slip, so the plasti-dip worked perfectly. Whereas if I used heat shrink tubing, it would have sealed up the hole.
I hope some of that helped.