Why do you want to cut the backstay and introduce the possibility of rigging failure due to the modification. They also make backstay antennas that are mounted in parallel to the existing backstay, that don't run these risks.
If you really must cut the backstay, I would recommend that you use the Hayn Hi-mod type swageless fittings and their insulator, since it is supposedly failsafe.
The problem isn't really shocks, but RF-induced burns. While I don't recall the maximum distance this can happen at, IIRC, a plastic pipe isn't enough to stop it from happening.
Also, putting a plastic pipe around your backstay is a good way to trap water against it and increase the risks of corrosion-induced failure.
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You know what the first rule of sailing is? ...Love. You can learn all the math in the 'verse, but you take
a boat to the sea you don't love, she'll shake you off just as sure as the turning of the worlds. Love keeps
her going when she oughta fall down, tells you she's hurting 'fore she keens. Makes her a home.
—Cpt. Mal Reynolds, Serenity (edited)
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