I like the shrink tubing over the eye idea. I've found that if you don't get the eye too hot it won't fill with paint, but some head styles are easier to do this with than others. As far as the hole for the weedguard, Teflon base hole pins are the way to go. However, you can still use the aluminum ones if you just barely set them in the head prior to heating and dipping.
I'll have to use your shrink tubing idea for open ended hook eyes for chatterbaits.