I am not trying to spoil your post, but just looking at your rubber setup has me thinking back a few years when I first got my Crusader lathe.
My first problem would be, as I have a DRO fitted on the opposite side is where to fix it onto my saddle as I have done a mod that clamps up the cross slide (can't reach the normal one as the DRO covers it up), and that is exactly where where the operating screw is, so I wouldn't be able to reach it as it would be covered up by the securing of the bellows end as that would require some sort of support and holding bar where it fits to the saddle.
I did come to the conclusion that a set of metal sliding plates could be fitted, the sort to be fitted on a BP mill, my BP mini clone has the same system. This system is fitted to more expensive lathes as a way to keep the ways clean. Maybe I should look at it a little deeper this time as I am sure something could be easily fabricated from thin SS sheet and a few small countersunk screws. Another job to be added to my ever growing list of things to do.
I mention this as the mill and lathe have totally different types of swarf produced. The mill debris is usually of a much smaller size, plus I have yet to see my mill produce the curly whirly swarf as a lathe does. Not only does my mill have the sliding plates, but also the rubber covers as you have shown, and they work great, with the type of swarf produced by the machine.
If I was to fit a rubber bellows to my machine, as you have shown, the swarf produced would rip the rubber cover off in no time.
If anyone is really interested in folding and making their own bellows to almost any size, there are programs that you input the size you require and the program will print out the correct sized sheet showing all the score and fold lines, some even produce G code so that you can use a cutting plotter to help make them.
BTW, it isn't rubber that they recommend for such things, but more of a stiffer type of nylon or plastic, I was expecting to use Mylar before I changed my mind about it..
John