Peter, I have gone the wide rubber band route in the past, on a borrowed tank. It works well, and the cost of a bag o' bands from your friendly neighborhood stationary store will almost certainly be cheaper than the cost of the tank, to say nothing of the problems associated with finding an stainless steel tank these days!
With all due respect to "mikebarger," I wouldn't go beating on an stainless steel tank for any reason. If you know a competent mechanic, machinist or millwright you might consider letting them have a look-see at your problem.
Something else to consider is: are the tank and lid compatable? I own several Honeywell-Nikor tanks I bought in the 1970's and all of their lids fit and work well with each other; they can all be safely mixed and matched, as required. Recently, I purchased another Honeywell-Nikor tank, a one-reel (35mm) model, which is quite a bit older than my others; I estimate that it was manufactured in the late 1950's or early 1960's. The lid for this small tank will not fit on my newer tanks, and if I put the lid from the one-reeler on any of my 1970's tanks, they leak all over the place! I'm not sure, but it would seem obvious that there was a design change made at Honeywell-Nikor, somewhere along the way.
Incidentally, none of the tanks show any signs of rust, and in the case of my original two-reeler, they have been in constant use since 1972!