This band will conceal the staples and the ragged ends of the skin and will make your bodhran look finished and attractive. If the skin is yellow or translucent in places then it has probably retained a lot of its natural oils. This won't affect the sound of the drum and should fade in time. Rubbing shampoo into these areas will remove some of the oil. I've heard of other ways to make the skin whiter, but I have not been completely successful with any of them yet.
Some people slowly expose the skin to a low heat.
This does indeed make quite a difference, but be very careful not to over-dry, scorch or cook the skin, as it will then parch, crack and probably rip. I learned this the hard way. Someone also told me that whitewash can be applied. I've heard that silicon can be applied to the skin to make it more resilient. I don't quite know how this is done but would be interested to see the results.