No, don’t use silicone in that. The silicone will just rip out quickly.
As for your question, I really don’t know. I would say just buy the silicone stickers from yoyoexpert. They last pretty long and they play pretty well. And they are not too expensive.
I’ve seen how they made them but making the cuts seems quite tricky…especially to fit in a recess (like the FH). I’ve also heard of using bathtub treads (seems more durable than the silicone), and have wondered about using bike inner tube material (that I am about to experiment with once and if I ever happen to need to replace my bike tube).