if you use "black" latex rubber it'll degrade very quickly and wont really put up with being moved around alot, sadly the same goes for silicone Rubber, it isnt really made for alot of moving around and its lifespan, tho better than your standard latex, is still a factor...
I'd suggest looking into a little substance called Dragon Skin, its a form of Silicone rubber we use alot in animatronics for skins (it has effectivly replaced foam rubber). It has a great elastisity (sp?) and was developed for use in animatronics and puppet making, especially for constant movement.
The stuff is water clear, but you can buy special pigments for it to make it any color required, it also takes paint really well if prepaired properly
I'd suggest doing some research before you buy, as everything has its drawbacks and limitations, last thing you want to do is blow $200 on alot of one material only for it to be useless
Regards
SJ