Yer good. Yes, that is carbon fiber.
The heat shrink is an easy work around, it looks good and it links the two collars as a safety measure. I don't want anyone following my methodology and getting hurt by flying parts. I'm using the CF and a single collar on my flybar. Personally, I like the look. The performance is just what I hoped for. My LHS heli guru is making the change to his CX2 after flying my CX with the mod.
We all do what we like. After a year of messing with various flybar mods, I'm satisfied with this one. But am I done? I'm done when I start thinking like everyone else.