I can personally vouch for this stuff. I used it about two weeks ago.
My bandsaw wheels are aluminium and flat in section however. Thus needing profiled rubber. I didnt fancy the expense of that so I put a crown on the offending wheel with a belt sander and 60 grit belt.
I removed the entire wheel and baring assembly and clamped the assembly to the bench. The wheel was free to rotate, but the clamps keep the whole thing solid.
Then introduce the belt to the wheel at about a 45 degree angle so the force spins the wheel. Take it slow, move the sander back and forth and work the appropriate crown.
Several times I used a marker pen to colour the wheel as it rotated, marking high spots. Hold the pen on the bench and very slowly move it toward the spinning surface. Eventually it will mark the highest parts of the wheel. Repeat across the surface and then belt sand off the marked areas.
Once sanded to shape I took the 5m of 40x3mm rubber belt and cut it to rough length then cleaned the section with meths. The length was about 2 inches too long overall.
Applied good contact adhesive to the whole wheel. On the belt I left about 1 inch clear of glue on one and and 2 inches clear on the other.
Start applying the rubber to the wheel, working you way round.
Once all tacked on, overlap the ends, cut a 45 compound mitre in the rubber, through both ends. Discard the excess. Apply contact adhesive to the remaining unglued ends as well as the cut edges and stick down.
I used ratchet straps to then clamp evenly around the circumference.
It seems to be better to cut the mitre such that the blade will push the cut end closed as it rotates, if you get me.
Once dry, use a stanley knife to remove the excess rubber around the edge of the wheel.
It's worked a treat.