Loads of people in London use hockey tape for their mallet grips heres the way i do mine. I prefer to take my time when doing it as that little bit of care leads to better results.
I use a skewer in the grip to help me locate the ends of the mallet head better i used to use a chopstick but anything will do really. I place the skewer so it faces inwards to my palm my thumb locates itself nicely there.
Its not really difficult but heres a step by step guide.
link to bigger image:http://farm8.staticflickr.com/7069/6835614524_850eb221db_o.jpg
I've used a dead battery from a bike light to cap the end hopefully it wont explode durring play. img462
I guess the important bits is the twist in the tape to create the grip img0467 and crossing over the skewer on a centre so the grip is balanced. img478.
Like I said there's nothing new here but i havent really seen it documented for others.