If it is crumbling then I would replace it with something more modern.
It's not crumbling. It's brittle. It's the nature of the material. It becomes as floppy as a cloth with just a bit of heat. My M3 had vulcanite that crumbled off, also, so I guess they moved on to a different material by then, as
@Nitroplait says.
I didn't think that was possible!
I didn't think it was, either, but thought it was worth trying. When searching online about reattaching it, I saw on the Leica Facebook page a post that said "Vulcanite is attractive, dimensionally stable, and quite durable,
especially when it’s heated to make it pliable, and an adhesive is applied before affixing it permanently to new body shells."
What the OP presents is leatherette. Vulcanite is totally different.
Incorrect. It's a kind of vulcanized rubber. That's well established. You can smell it when heated up.
Shellac adhesive is also removable with moderate heat. It is commonly used for woodwind instrument pads.
Also used for musical instruments, namely violins, is hide glue, which I considered using to attach the vulcanite, since it could be applied to it and then heated up with the skin itself. I just wanted to avoid a mess, though. But, ideally, something like that would be much better, since it would be easily repositionable.