Found this on an XS11 site... Given with NO warranty b/c I've not tried it myself, but I will soon, because it might help me save around $100 on a long, ongoing restoration. I also want to say there's no substitute for "doing it right" and replacing worn or broken parts, but if you just want to jerry rig 'er together until you can do a better repair, this might do it.
Carb Diaphragm Repair
by Tim Trottman
As for my solution for this problem of holes in diaphragms I think I may have a cure for this common problem. First, disassemble the diaphragm from the slide as far down as possible. Second, go to your local NAPA parts store and purchase a can of spray rubber coating. Third, paint your diaphram with the rubber coating with a thin coat on both sides, allowing to dry over night.
Ta da, you have a brand new diaphragm that cost you about 6 bucks.
I have used this stuff many times for lots of applications. It is flexible, as I have sprayed it or should I say painted a peace of paper and after it dried I had a thin durable rubber coating that would not even scape off the paper. I have used it to dampen the front brakes, works great. I have used it for several applications related to exposure to gas and oil and it is resistant to both.
To test its durability I have sprayed the inside of my wheelbarrow to prevent it from rusting and to date I have exposed it to gravel, cement, rocks all the way down to fire wood and it remains untouched. Yet remember, that when applied in a thin coat on the paper, it is just as pliable as a thin piece of rubber.
Given the characteristics of the substance it should work to repair a small hole in a diaphragm.
Vince and all others interested, the stuff you are looking for is at your local NAPA store. The part number is 765-2527 "Plasti Dip Spray-on Heavy Duty Flexible Rubber Coating." Note, this is the part number for black, so if you want a different color, chances are it will be different number. Fantastic stuff!!
Also another good use is to spray your battery terminals, while connected, so as to stop any and all corrosion. And if you are worried about the looks of your carb boots and there cracks give them that factory look again at your next cleaning.
Lots of uses and great stuff.