Hmmm. Interesting discussion.
I just finished my first converted Titlist, and added a leather wrap.
It is still a full splice (the only way I'll do a cue myself) and the handle could have been left 'as-is' (early construction photos show it and it looks just fine); it was plenty straight enough, even with my above average butt diameter (the CUE, not me...

).
But, with all things being equal, it totally comes down to personal preference. This is my first Titlist conversion, and it was a challenge for sure. From the joint to the butt it was plenty straight enough to leave 'naked'; however I prefer a wrap- we'll see if I prefer leather over linen, as this is my first leather wrapped cue.
Yes, the wood has to be 'nicer' to leave it un-wrapped; however it is is so ugly with flaws and/or out of straight, just cutting a shallow wrap groove is not going to magically correct that... It's either a good piece, or a bad piece and no wrap in the world (except maybe high-pressure carbon fiber???) is going to change that.
The age of the wood and the fact that it was air dried before construction are the keys that make the Titlist great (in my opinion) and they have little if any resemblance to a brand-new house cue which is newer wood that has been kiln dried. THAT is the key I think.
The 'flaws' add to the character of the cue too- I just finished this one and it could have been made in the early seventies based on how it looks... there is no question it came from a Titlist; rather than a 'perfect point' homage cue- both great in their own way.:thumbup:
That being said, I think it looks OK and I am happy with how it came out. Your results may vary!:wink: