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No because the brake cable is under tension and is raised off the tube by the stops so just cutting a bit of liner the exact length between cable stops for the inner cable to run through would be fine. The dynamo wire would also then not be attached to the tube itself, only running down the brake cable so I'm not sure if you'd consider it neater than taped to the underside of the tube but it would still be pretty neat.
Just thinking out loud: if you got some cable liner and ran the brake cable through a liner on the exposed bit, you could heat shrink the wire to the brake cable without friction being an issue