You need to practice with that heat-shrink tubing.
I tried it and it was a mess- the tubing is flat and no amount of heat would get the 'folds' to disappear completely so I was left with two ridges.
It is also 'fun' trying to slide the heat-shrink tubing over the wet layup......

I'll second the need for practice. I'd buy some extra heat shrink and practice your method dry.

Interesting John. I didn't have seem to have those issues when I did mine. The trick to avoid wrinkles is to try keep the heat gun moving and and heat the shrink wrap evenly. Easier said than done though. Once you get a wrinkle no amount of heat will get it out.

Sliding the shrink tubing over the wet layup is... fun, as you said. One thing to remember is the laminate will be compressed so you don't need as much resin as traditional "wet" layup. Pull the braid over the dry wood and then apply enough resin so the braid is partially wetted out. The surface shouldn't be shiny.

Don't try and slide the braid over a pre-wetted surface either. Doesn't work well...