How tacky is the rubber? I used to have a P11, but it worked fine, so I never had a look at that part.
If it *is* in danger of deteriorating to the point the projector becomes unusable, is it the sort of thing you could take to a 3D printer and have them fabricate for you?
I did that once with my Hasselbad 150 CF lens. Right behind the rubber focusing ring, there's a plastic retainer ring that keeps the focusing ring from sliding backwards. Apparently it's very common for those to crack, and I was able to buy my lens cheap because it had that problem, and someone had epoxied the ring back together (a totally unsatisfactory long-term solution). It didn't cost a heck of a lot to get a local 3D printer to make a replacement for me. (An authentic replacement part, of which there is a very limited supply, would have cosst nearly $100 I was quoted by a prominent Hasselblad repairman.) It doesn't look *exactly* like the original part--the printed version isn't as shiny--but ti works perfectly.
And because they will produce is a digital file simulating your part, they can always tweak it a bit so that it might function even a bit better. (The initial version of the ring they made for me was a bit too loose, so they just changed a few numbers and the second version fit perfectly.)
That's a heck of a projector; keeping it running is a worthwhile goal. And if that *is* a common problem with it because of its age, and you can provide a new source of parts for it through digital printing, you could potentially help lots of other owners with the same problem.