I bought Plastic Dip at Menards,
http://www.plastidip.com/
The product works on cheap screwdrivers
I also coated a door panel tool, it is more better looking, It was so thin, so I wrapped electrical tape then I dipped the tool in the bottle, let dry and put second layer.

 

i got some old tools that need new rubber on them, let us know how it olds up over time...

 

It hold well

 

How long to dry between coats?

 

I bought that stuff years ago for the bare handled pliers in the high school shop where I teach. The kids must have thought I put it on as a challenge for them to see if they could get it off and by the end of the year almost al the welding pliers had had the grip material removed from the handles. So I quit using it.
But, it does hold up well under "normal" use.
Heck, even when I buy new pliers with rubber grips they work like monkeys in a banana grove to peel the stuff off.
I guess it would be foolish to say high school kids demonstrate "normal" use of any tool. At least in my experience, anyway.