Neal
TJ Enthusiast
I formed a cover out of kydex that only covers the rope and drum section, leaving the motor housing and gearbox exposed. It's really more just a rain and sun shield since there's enough opening that there's no way it could trap water and keep it from drying out.
I did the same thing using light gauge steel, painted to (almost) match the winch. I've had it on for a couple of years and it has held up quite well. Keeps sunlight off the synthetic line and doesn't trap moisture. I haven't had any issues with fading on the parts that are uncovered.