Why would you do this? I'm assuming your tiller is wood.
Holding moisture against the tiller seems like a good way to help it rot. It will make it harder to inspect. Wood tillers aren't cold to the touch, so the rope won't make it any warmer. It will likely make it harder on your hands than the smooth wood.
I understand wrapping wheels (and there is a wrapped wheel on my boat) since they are made of stainless steel. I don't understand wrapping a tiller.