There is some historical precedent for it. In one of the JHAT booklets, Wallace dissected a Sheetz rifle with original rod done in this manner. Whether you like it or not is preference, but it certainly does seem to have been done historically.
I don't like using dye. I have done it with tape or ribbon wound around the rod, then hit the areas for the 'stripes' with aquafortis. Then heat, preferably after oiling the rod with linseed oil so it's less likely to burn. I suspect originals were probably 'striped' by hand, carefully, as I can;t really think of a historical equivalent to tape.