My plan is to wrap it around the caliper. I don't know how practical the idea is but exposed mechanical joints were often protected by canvas gaiters on old (pre mid 60's?) cars. I'm hoping to get onto it next week.
I'd be interested in the results. I'm a bit sceptical, because I think that it might just end up holding water in, but I can't really visualise the thing.
You were right to be sceptical; I couldn't cut the material to allow for the amount of movement in the caliper.
I have, however, had a piece of shaped aluminium (like a couple of inches of mudguard, but thinner and hardly affecting the tyre clearance) under the rear brake for awhile and that has kept the centre pivot bolt free of seizure. The brassy sliding sleeve on the spring and the other pivot gradually seize, despite waterproof grease, with the grot flicked onto them by the rear tyre. Because my gaiter was a failure I have slipped offcuts of inner tube over them and will see if that works during the weather to come.
Failing that, and assuming my Alfine 11 is satisfactory, I will look at a V brake for the rear. Otherwise it is back to the Dahon which is a better ride imo but poorer fold.