It's not "might work", it does work
. It's a very good idea and how I and many others mark cables
. The only thing you have to watch for, is heating
the heatshrink. If you have used a tag that is printed on one of those Dymo units or similar, they use a heat sensitive material for the tape. The writing is printed on using heat. But if you get the label too hot when heating
the shrink, then the label goes black as well and wipes out the writing.