If you're using something like an Ultimarc I-Pac or GGG GP-Wiz all you would need is one single ground wire back to the encoder. Then you could daisy chain the ground wires from one switch ground to the next. If you want the wires predominately wrapped within techflex tube, you could use a hot knife to cut holes in and out of the tube but meh... it'd look worse than just daisy chaining in my opinion and not be any more stable.
If you're using a zero-delay encoder however, you'd have to run one ground wire per button, no daisy chaining on those.
Personally, to dress my wiring I use zip ties and the occasional heat-shrink tube on groups of wires with higher potential stress. Cheap and easy to cut apart and replace for easy access later. I use about 2-5 Zip ties per foot, which works out to maybe $.04 per foot. Techflex is more like $.25 per foot. Not a big price difference, but frankly I don't think it's as easy to work with as zip ties and a few screw down cable clamps.