If you mean as a stand-off spacer like Hyperion shows...pass on that idea.
For that use, heat shrink tubing can in no way stand in for ceramic. It would be extra work for zero benefit. Easier to just mount the resistors slightly off the board.
The true goals for mounting resistors slightly off board are ...
- to allow better air circulation around the component to keep it cooler and thus more reliable and stable
- to greatly reduce heat transfer between components through the PC board.
That really takes very little space between the component and the board.
The benefit of mounting the resistors as high as Hyperion has is not only good air circulation around the component, but to keep the resistors from burning the PC board should it for any reason overheat.
I would say that the FETs are the most likely transistor components to need replacing. They are difficult to replace due to rarity. And finding and installing substitutions are high-alchemy and also suffers from supply issues.
That said...don't worry about them yet. Do the work you are able and just assume all is ok on the FET front.
Only the highest experienced techs like Kale or Amp8 can sort out an X1 in one try.
Noobies like you and me...after you have finished and have it all back together...prepare for the
possibility of up to 3 more major "operations" on your X1 before you call it really finished.