Hopefully I'm on the track. Sourced a Saab bellows for $35USD. Should be here in a week or so. Plan is to remove the existing bellows and (most likely) wrap the rack ends with a rubber belt cut from an old bicycle tire inner tube. From the specs I read the Saab bellows is 16mm larger than the Morgan. That's just over 1/2" (0.624") It shouldn't take but a few wraps to make that up. Then most likely use stainless clamps to secure the ends.
Worst case is that it won't work. So, while the original bellows is off it will get a GOOD cleaning and the tear (in the bellows portion) will be super glued back together. Hopefully forever.