Got in my samples from Seattle Fabrics, Inc. and I have to say the 1.9 oz. Polyurethane Coated Black-out Ripstop fabric should make very nice bellows. It is very thin, flexible and quite opaque; a high intensity LED flashlight directly held against the surface allows no light to penetrate. The fabric comes in two styles: Black nylon with a white poly coating and black with a black poly coating. I can't see making a bellows with the white coated material, but it would make a fine changing tent/bag or focus cloth if weights are sewn onto the corners.
At $10.50 a yard (60 inches wide), its very reasonably priced in my opinion.
The Duvetyne Black Out Fabric is also very nice, but is not as light proof as the above and is 2 to 3 times as thick as the above. I would suggest two layers for blocking light on a darkroom window, as you can see tiny pinholes of light with the same LED flashlight pressed up against the fabric. It would be great for dark gobos or other light absorbing duties, but does need to be doubled for absolute light tightness. I don't think it would be good bellows material for obvious reasons...
This fabric is also very reasonably priced at $15.95 per linear yard (54 inches wide).