Update for anyone else who owns one of these old Milwaukee Sanders. I was concerned about the Neoprene holding up, so I looked into alternatives to that Red material that came with OEM. I eventually learned, in fact I was told by someone knowledgeable, that I should try to rescue the Red material and use that. It separated off about as easy as peeling a tangerine. Bonded it on. I don't know what his Red stuff is, but it sure seems indestructible.