I have gotten into tying grub type jigs and flies. I have natural and "bug gut" colored latex, tried using a balloon for white. I bought some silicone skirt material. Anyone have any other ideas?
Only problem I see with latex and or balloons is that the material seems to rot or decompose easily especially in sunlight or if it's around certain solvents. I like your idea of using a stretchy material but I'm not sure what other's there are that would be similar and hold up. Some of those stretch wraps they use in packaging are tough but they don't spring back like rubber does. Sorry I wasn't much help.
Stretch Magic comes in various colors in sizes .5mm-1.0 mm if you're looking to do some small stuff. I use it for legs and appendages, some like it for wound bodies on small nymphs. If you've a practiced hand with consistently winding elastic cord like this, you may really dig the effects produced when used over colored or dubbed underbody/underlay on the shank.