Hi Doug
I made some latex parts along the same lines, but with thinner wall section, for an inventor a couple years back, so sorry I can't post a photo.
I made the mandrel from aluminium and because I made around 25 identical parts for him, I built a motorised rig to dip slowly and repeatably. Dipping cycle was around 3 minutes. The long time is just to get a thin even coat as it flows off the mandrel on the way out of the latex. If you only need one off, you don't need to be quite as careful.
I made another rig to dry each layer by rotating axially, keeping it horizontal not vertical so that the liquid was spread evenly as it dried. I forced the curing with an IR heater and from memory it was still an hour between dips to cure in all the ridges, which is when the latex goes clear.
The lathe with slow speed would work just as well for the drying.
It was normal liquid latex that I used and it takes quite a few layers to build up a good thickness if dipped slowly. I found that the mandrel needed a mirror finish and needed to be cleaned with isopropyl alcohol (Maplins) to prevent pin holes on the base coat.
Like you, I dusted with talc and rolled the parts off the former, making sure the surface coming off the former is also covered with talc immediately. It doesn't stick to the mandrel, just stays put because of friction – but it sure sticks to itself !!
The finished part is strong, but not like neoprene – more like silicone as it will tear easily from a cut or nick. But if its for an application that isn't treated badly, it could work.
Nice Christmas project and good luck.
Cheers – Will