ive seen that saddle, its nice!
i ran across an interesting article the other day on the web about tape.
specifically, old-skool tape.
this guy had a writeup about his tape process, which from what i could gather, was that cotton tape was used, and then was coated with "shellac" like is used like a wood stain. the shellac essentially water-proofed the tape.
the finished "look" seemed to be a good fit for retro projects.
think brooks saddles and gum hoods.
try google or yahoo search on: handlebar, tape and shellac (unsure of shellac spelling)