1) There's not an advantage that you would notice as a recreational sailor. The nice thing about the Sport set up is the lack of a boom (nothing to hit you on the head) and the simplicity (no mast rotator).
2) The ideal covering for a fiberglass tiller is heat-shrink tubing - and it's relatively cheap. You can order a 10' long piece in all different colors from here:
http://www.heatshrink.com/heat_shrink_tubing/b2_spl.asp for about $12 + shipping. Or you can wrap it with hockey stick tape. This isn't rocket surgery.