I prefer putting the tape around both [or all] conductors of each circuit. Neat, simple, mitigates confusion, and technically is not re-identifying the white conductor. Mostly use plain ol' black tape, but do use phase tape on occasion.
That may work well on the panelboard end in most cases, but on the supplied equipment end the two conductors may end up with more separation in some instances.
Quite frankly, I don't like the rules for identification of white/gray conductors, but I guess they are mostly there for non qualified people that think the potential for a shock from said conductor all lies within the insulation color or other markings, when in reality if it is connected to something ungrounded it don't matter what color it is, it is still ungrounded:roll:
If I see a white wire on a breaker with no other marking I never question whether or not it is grounded or ungrounded:slaphead:
If I open a junction box, lighting outlet box, etc, supplied with cable wiring methods, and see all white wires in one connection, all black wires, plus one white wire in another connection, it is pretty much instinct (meaning I don't really think about it) that tells me this is the ungrounded supply conductor for a switch loop whether it has been re-identified or not.:slaphead:
Anyone that can't figure those two situations out without more than a short few seconds of thought in almost all instances simply is not a "qualified person" and has no business messing with it.:angel: