Really, OP…this is one of those situations where going “convenient and cheap” is just not worth the risk. Everything will be fine until its not, and then it will very likely be an epic disaster.
Look around at really good quality programs and facilities. Do you see round pens made out of hot tape? Don’t you think you’d see them if it was such a great idea? What you see instead at the BEST colt starting facilities are solid walled, 60-70’ wide, 10’ tall structures that can hold a small elephant. When the shit hits the fan (or the panicked colt hits the wall), that’s what you want. If you can’t have that you do the closest thing you can…like a nice pen made out powder river panels, with plywood attached, so no legs can get hung up.
Wire or tape of any kind is not used by knowledgeable horsepeople. For good reason. Chalk it up to “it sounded like a good idea until I thought it through”, and move on.