For what it's worth
The concept of using heat shrink on spring guides and tophats has been around for many years. Many have used it for long periods of time and it does remove the twang but few if any realize or have given any thought to other resulting factors. It’s often referred to as a “poor mans tune†and I too have used it in the past and did a lot of testing using it 5-6 years ago on both a B-19 and a B-4-2. The end results would apply to any springer though.
The only value that it has it that it does reduce spring twang but at the same time, there is a price to pay for doing it. More often than not it is improperly installed and/ or the wrong heat shrink material is used. Even if the installation procedure is correct and the right material is used, it does create other problems.
When it is used, the spring usually fits extremely tight over either the spring guide or tophat or both causing a very high resistance which in turn can cause a considerable velocity loss because of the excessive drag. :0
It also does not allow the spring to rotate freely at the top of the spring guide creating additional torque in the gun. You now only have one free rotating surface instead of two or three. :0
Plus, because of the resistance during the spring compressing, it can, depending on how tight is, have a tendency to cause the spring to want to cant (bend) during the initial cocking stroke. It can cause a permanent cant and a canted spring is not good. In addition, because of the canting, it causes additional pressure on the heat shrink at the leading edge of the spring guide causing it to sometimes wear or tear at that point. :0
Also, more often than not, even when properly installed, the heat shrink can eventually but not always come loose and ball up. Using Kodak photo adhesive during installation can help resolve that problem. It can ball up at either at the top of the guide or in the bottom of the piston. That does not cause any additional harm providing that it does not flake into pieces and get into the trigger mechanism or latching slot in the piston. That can be a dangerous condition. :0
So like any other “quick fix†or “Band-Aid repairâ€, one must really evaluate the merits of using this approach and is it really worth it?

It's kinda like taking one step forward and two or three steps back... or robbing Peter to pay Paul. Personally, in my opinion, you are just as well or better off living with the spring twang.
So.... there's my nickels worth.....