Jack is correct. The longer the foot, the greater the flat spot. That being said, the main reason to add more guides to a rod is to allow for a smooth arc and transition. Look at a 6ft 6 rod with 5 eyes and load it. You will see it!

Many of today's quality guide eyes are in the micro catagory and have very small feet to them. Your stripper eye and maybe 2nd eye will have a longer foot but normally isn't an issue as the god isn't loading or flexing that far down.

As for wrapping, you can wrap as little as an 1/8th of an inch beyond the foot and be fine but, if look is what you are going for, that might be an issue. There are several rod finishes you can buy now that actually flex. Materials of today are better than even 5 years ago.