#2
Masking tape, electrical tape, sellotape... if you after something to stop the truss rod rattling, you can use anything as long as it doesn't restrict the operation of the rod (ie. glue).
#3
What are you trying to achieve by wrapping the trussrod?

You can use cling film to stop rattle and protect from glue.




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#4
What sort of rod is it? StewMacs Hot Rods have plastic guards around the actual rods, and they recommend a small amount of silicone to stop the rod rattling. That should only be done if there is a sheath around the rods, otherwise the rod won't work.

But as Neil asked, what are you using it for? If its to put over the rod so you don't get glue in the channel, electrical tape should be fine. The best way to do it is with a thin wooden fillet though, veneers work very well for that.