On another forum, there is a gentleman that has got the artistic wrapping thing down. He has built several spinning and bait rods. But, he is now building fly rods with this art. It goes up the butt section to about four inches from the stipping guide. While being pretty, I have never seen this on a fly rod. I think it would slightly effect the weight and greatly effect the action. Here is an example although not his that I know of:
Thread Art - RodBuilding.org
What do you all think?