I just got a new system and I'm afraid I cut the lace a little to close at the hairline, it's around 1/8" maybe less. Since sfs is so fragile I'm worried about it fraying. Is there something that can be used to prevent fraying, or at least to delay the fraying?

Debbie sells a product called 'Acrylic Knot Sealer' that and will both seal knots and also help control fraying. Apply it very sparingly as using too much will cause the base to become stiff.
Regards,
John