Had exactly the same problem – managed to destroy my rubber cover within a few days from new.
I made a simple cover from leathercloth and a piece of angle iron which covers the Y-slide (but not the vertical). I felt that the real problem was stopping swarf from getting into the gearing which elevates the knee and this has provided the ideal solution so far (18 months).
The angle iron simply clips into the ‘slot’ formed between the knee casting and the ‘recess’ in the centre of the Z-axis slideway. Hope that the photos explain all.
The leathercloth is thinner and more flexible than the rubber and allows the slide to go back against the stops, maximising travel. An added bonus is that the Z-axis slide is uncovered and provides an ideal mounting surface for a magnetic clock stand.