pcb 

The tape wraps are to cushion/protect the top tube from handlebar hits, and the downtube from brake caliper hits. They work pretty well against the casual fork swings and fall-overs, might not protect 100% in a bad crash-up.

In the old days we used bar tape, now I use self-fusing silicone tape. The silicone tape goes on and comes off really clean. That's a help if you have remove/replace, either because it gets ratty, or because you changed your bar/stem, or sometimes just changed bar height, and then the bar hits the top tube in a different spot.

That, and "sealing" the bottom headset cup with a slice of stretched inner tube were kind of finishing touches. I don't do the inner tube headset thing much anymore because I'm lazy and favor sealed headsets.