Given the nature of the shutter, I have to wonder if a pinhole would be all that problematic. A hole, yes, a pinhole, especially at high shutter speed, just doesn't seem to me that it will make a lot of difference. Have you tried some test shots to see?
As for material, you would want something flexible and if it bonds to the shutter roll you would want to make sure it is dry and no longer bondable when rerolled onto the spindles. You might also consider real electrical tape instead of something liquid.
Stew