The rubber mixture for casting is probably the best idea although the 8 minutes curing time is a bit daunting as I have around 30 of these buffers to make. Many years ago I used to make plaster moulds for moulding plastic in so have some experience in that field. I would think that the best method of pouring the mixture in would be from the mushroom end so that the stem gets filled first.
There is an alternative material on the market, Sikoflex, which is in a tube that you can fit in the normal DIY glue gun dispensers. It is a very tough material and sets like rubber and is available in black and white to my knowledge and probably other colours. I would not need to turn up a pattern as I have a few of the original buffers that have no wear, so one of them could be used. (or more, so I could make a mould that would do several at a time).
A two part mould would I think be used, unless I just drilled a block of a suitable material to the same profile as the mushroom and then shape the head later in the lathe.
My minds working overtime now !! So many options which way to go !!
MIke.