Is it ok to use tape to wrap around?

Make sure it's soldered under that tape, and not just twisted-together-and-taped. I like to take the two taped joints together (usually a pair) so they're forcibly separated from each other.

Heatshrink tubing, as mentioned above, is good too, but a little more permanent.

Finally, Laserbee's comment is quite valid: don't wrap things up that need radiate their heat away--like the voltage regulators. Insulation also insulates heat.

as heated as this thread is, did somebody wrap this in tape