Bumping this thread to share my experience.
Preparing for an overseas trip with my Horseman 45FA I thought I would check the bellows by shining a small torch from the inside. Sure enough there were a few pinholes in the corners of the pleats. TBH I'm not sure how bad a problem this really is - they were very small and the pleats themselves prevent a direct line from the corners to the film plane. But nevertheless...
Went to a craft shop to buy fabric paint, but I found this and thought I'd give it a try:
(Just in case the picture doesn't display for some reason, it's of a tube labelled "water-based gutta").
It's intended for outlining pictures on fabric and is slightly rubbery. You apply it directly from the tube. I tried it out on a canvas shopping bag in which I had made some small holes and it seemed to work, taking about 24 hours to lose tackiness, but remaining flexible.
I then applied it to pleat corners on the bellows and after the first application all but one of the pinholes was gone. A second application fixed the last one. Because of the slow drying time I left the bellows fully extended for 24 hours, then closed it. All seems well so far.
I'll test for light leaks again in a couple of months and report back.