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If you are talking paper caps I just mount the axial on end (keep the end tight-ish with the board to prevent flexing), and bend the other end over. I don't use heat-shrink tubing unless there is something (likely loose) near by that seems likely to short to it....there is no point in adding it for safety in most sets, since usually there are enough exposed high-ish voltage terminals and points already there by design that it would be like barricading the door while leaving the window wide open, and anyone dumb enough to get zapped by them likely had no business inside the back of a powered up TV in the first place...
I'll occasionally bend axial leads under using needle nose pliers and my fingers so that the leads match the foot print of the original, but that is uncommon, and usually done to match some instinctual aesthetic rather than for a functional purpose.
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