I was delivering to a Customer of mine when i spied this product on the shelf
http://www.basspro.com/webapp/wcs/stores/servlet/Product_10151_-1_10001_39763_225004002_225000000_225004000?hvarAID=shopping_shopzilla Star Brite Liquid Electrical Tape.
i think it is a glorified industrial version of Latex type fetish Paint, but , after having a quick look at the specs it would appear to be just the thing to brush onto old bellows that are still salvageable bar for a few pin holes.
i would paint it on the inside of the bellows . the colours i can get here are black and red.
as this a product that is 'Made in USA' i would think that other colours are available, and that it would be widely available from places like automotive parts stores, auto electrical suppliers etc.
Cost in Oz is $15.00 AUS
when i get going again i will get meself a can of this stuff and try it. Up to now i have been using a latex fabric paint but was not quite happy with it..it works, but it's a little thin so you have to apply it several times to get a decent coat.