By the way, I bought a piece of that Tandy Velvet Pigskin Suede Black (#9120-01), and that stuff is great! It is super flexible and soft with an occasional big hole (about 1 or 2 mm, apparently mostly from scratches and wounds) and numerous very tiny holes scattered about . . . they are real small, about the size of a needle point, but not as large as the needle body. They should be very easy to seal.
I got a small size skin, about 10 1/2 sq ft, and by cutting out bellows-size pieces while avoiding the occasional big holes (except where one falls where the lens hole will be cut), I should be able to get a dozen or so bellows leathers out of this skin.
Also, maybe as an overkill, I ordered a piece of the focal plane shutter cloth from Micro-Tools. I might put a piece of it on the inside, behind the suede pigskin bellows, for a double light seal.
I don't mind playing around and trying different things, and I will certainly experiment with the bellows replacement.
A couple other things need to be addressed that we haven't mentioned yet. First, (maybe because of shrinkage of the wood over the years) the Panorams seem to commonly have a problem of focusing beyond infinity. Since the swing lens and its shaft don't lend themselves to being moved, one would most likely need to correct this condition by shimming the curved film track. I dont know how one would test the focus . . . maybe put a strip of wax paper on the film track and get under a dark cloth?? I guess I need some sort of flexible "ground glass".
The second problem that I hear about, but haven't a clue how to deal with it, regards the lens swiveling on its "Nodal Point". I suppose someone who knows a lot more about optics than I needs to address that one.