The flower buds will not be visible at this time of year - while the plant begins to set flower buds now, they do not develop into anything significant until late spring. Even in my very mild zone 8 - where hydrangeas go through winter virtually untouched by cold - I see no visible signs of flower buds until around late April-May.

But this is also for lacecaps, which bloom on old wood? I thought from the threads on winterizing that one had to be careful bundling lacecaps so as not to disturb the buds on the tips?

Lacecaps are only a flower form - not a different type hydrangea necessarily than those that produce mopheads. If it is one that requires winter protection, you need to make sure whatever method you use does not damage the branch tips, mophead OR lacecap, as this is where the flowerbuds will form. Burlap, harvest cloth, blankets, etc. that can be moved easily by wind and rub against the tips can also rub off the dormant flower buds. You also want to make sure the tips are adequately protected from cold as well and not exposed to the air, as this can also damage or destroy the buds.

But it doesn't make any difference if it is a lacecap or a mophead flower form - if it blooms on old wood, the buds are set in late summer/early fall at the tips of the branches but they will not necessarily be visible or readily identified as such.