After seeing all the confusion here about what's what and what effects what, let me throw something else out there.
My father and I worked on pipe organs for years, even built one from scratch and random spare parts from other "donor" organs. At any rate, to my point...
For any given pipe, the length of the pipe is what determines the resonant frequency at which it plays. It doesn't matter if the pipe is made with thin lead, spotted metal or thick, heavy wood. As long as the pipe dimensions are the same scale (diameter) and length, all of the different materials and thicknesses will produce the same resonant frequency.
So, with that said, given the fact that the length of the tonearm never changes, neither does the resonant frequency. It doesn't matter of you use heat shrink tubing, o-rings, tape, or a combination of all of those. None of them change the length of the tonearm.
What dampening does do is tame the resonant harmonics of the various materials that are used. The heavier the material, the lower the harmonics are going to be.
A couple things I'm think about which are used by many are things like the...
KAB "Resonance Cap" The cap "stops" the end of the tonearm much like the tuning stop on a pipe organ pipe. When you put a tuning stop on a pipe organ pipe, it double's it's effective length of which it speaks at. In other words, a
Stopped 8' Diapason will speak at the same exact octave as a 16'
Open Diapason.
So maybe if the tonearm is typically open and it's resonant frequency is 10Hz, putting that KAB cap on is possibly dropping the resonant frequency down to 5Hz.
The other thing I'm thinking of is the cotton sleeve that people use inside the tonearm. This one actually takes up room inside the tonearm, effectively making it thinner, or making it a smaller scale similar to what I mentioned with the pipe organ pipes. So the cotton sleeve could actually be raising the resonant frequency of the tonearm from say the same 10Hz to possibly 15, 20, 25Hz or more, depending on how much it really effects the internal volume of the tonearm.
Just a little food for thought.