I seem to recall a kind of tubing that looked like it was made of foam
rubber, and it stayed very flexible after the shrinking. Has my drinking
finally caught up with me? Anyone have a name or part number?
I've seen a form of "wire nut" made of heat-shrink, with a lining of a
relatively low-melt thermoplastic, which would melt (or at least soften)
as you shrunk the tubing and ooze out, then when it set the joint was
water-tight. The ones I saw had one end pre-sealed, so they were used like
wire-nuts, or to cap off dead-end wires.
But that doesn't sound like what you're looking for - I've noticed that as
heat-shrink (at least the types I've used) get very pliable when they
start shrinking - the cross-links are relaxing or something; but you
don't have much working time, because it shrinks so abruptly.
Sorry I couldn't be more helpful. )-;
Good Luck!
Rich