I found the primary butyl ingredient was impossible to acquire in small quantities, and difficult to work with. Toluene was the easiest part, but it is volatile and generally nasty stuff...and rather high heat is involved in making the compound, which makes it even worse.
As I've written elsewhere, based upon my research and reading and as confirmed by Roy, the original sealant for cloth surrounds used at the time of AR, KLH, and Advent was a simple mix of butyl (aka butylene) rubber dissolved in a low-molecular weight solvent carrier such as a mix of toluene and xylene. A mix of solvents slows the evaporation rate so your sealant doesn't harden while you're applying it. The latter versions of the mix added carbon black to make the surround opaque.
Butyl rubber is seriously sticky as everyone has experienced: chewing gum is a food-grade butyl rubber, and does it stick to everything in sight. If you know how sticky chewing gum remains over time, even when on sidewalks in sunlight and air, you can appreciate that butyl rubber is likely the right material for surrounds which are to remain flexible and tacky over time. (Chewing gum has glycerin or vegetable oil added to keep it soft.) The stickyness and flexibility is why rubber has to be crosslinked (aka vulcanized) with sulphur to harden it and make it useful. That was Charles Goodyear's great, and hard won, contribution to making rubber useful. (
www.goodyear.com/corporate/history/history_story.html )
Once again...This compound is meant to be a re-sealant, so it is likely thinner than the original sealant. The distinguishing characteristic compared to caulks, rubber cements, etc, is that it does not "dry" even when the carrier solvent, toluene, has evaporated. It does not form a membrane, so the degree of flexibility is not an issue. It is very sticky out of the bottle, and remains tacky. (It is actually much the same as the sticky compound found on some tweeter domes.) The high concentration of toluene serves to soften the old sealant, and allows it to combine with the new.
I don't know that the concentration of toluene is great enough to soften the existing butyl surround. I think it is more that the new butyl is so sticky it will adhere to just about anything—this includes clothing and skin so wear old clothes and gloves—so the existing rubber, fabric, and paper are very happy to bond (one might even say positively promiscuous) when it comes to adhesives.
Roy is nearly entirely correct about caulking, but not all caulking dries hard or stiff. Some of the permanently sticky grey stuff is very useful for sealing around speakers, since one can still remove the speaker years later with the caulk being pliable. Frost King Mortite Caulking Cord (
www.frostking.com/mortite-caulking-cord ) comes to mind as one of the brands that doesn't harden and remains very sticky for years and years. Its formulation, no surprise here, is about two-thirds butylene with a filler (calcium carbonate or titanium dioxide for color), some surfactants to increase adhesion (mostly to metals, as wood is pretty easy to bind to), and some antioxidants to slow the oxidative cross-linking and keep it flexible over time.
I suspect a similar caulk formulation was used in AR, KLH, and Advent line to seal the drivers to the cabinet, but this is speculation. While I have read of its use as a replacement sealant, I haven't seen any confirmation from someone with knowledge of the production line. I know some of drivers were epoxied in place so it wasn't always caulking.
Rubber cement is neoprene rubber, which is not sticky and much harder, in a solvent carrier like toluene. So it will dry hard and be far less compliant.
Other caulks are often latex rubber which is less hard and can remain slightly sticky, but nowhere near as much as butylene. (I have a bit of experience with latex prosthetics for special FX and Halloween costumes need to be dusted with talk to keep them from sticking to everything, and state they remain sticky for months, even years, until the latex surface oxidizes and hardens.)
Silicone caulks, or blends with latex or acrylics, harden and would be disastrous for surrounds as has been reported here on numerous occasions.
The "Restoring the AR-3a" document over at ClassicSpeakerPages has a lot of information on sealants.
The goal is to add as little mass as possible, and to retain the very compliant nature of the original acoustic suspension cloth surround. (It should be noted that "white" water based compounds sold for treating non-acoustic suspension woofers are not appropriate for this purpose.)
To expand on this, most of these glues are PVA (poly vinyl acetate) which is white glue, although clear formulations do exist. As an artist I've used the clear ones extensively and can tell you they dry hard, but not completely inflexible. I would
not suggest using them for anything in a speaker other than gluing cabinets back together or gluing veneer down. Carpenter's glue is often a PVA adhesive with some ammonia to reduce the surface tension of water and thus wet the surface better and bond even if the surface isn't perfectly clean. Putting hard adhesives into a driver cone is obviously a bad thing as it reduces compliance and raises the lowest frequency response.
Speaker refoaming kits commonly include a PVA adhesive because water-based adhesives are (a) safer since the solvents are hepatotoxic and neurotoxic with routine exposure, and safe-handling rules require ventilation and product-label warnings, and (b) easy for novices to apply. The fact that they don't work, and alter the speaker response, doesn't matter when one is dealing with safety. Me, I'll use solvents outdoors or in well-ventilated areas and not breathe the stuff, but I'm doing one-offs, not a product line or running a repair facility.
One more thing: when Roy says something about speaker sealants it is an excellent idea to follow his advice. To do otherwise will damage your speakers, likely irreparably so.