You might find that too thick to be honest, but worth a try. The top "washer" if you like is fixed as you know. Cut out the old one and clean the gap between the top and bottom. Try to get an idea of the inner diameter between the base and washer (for want of a better term) and cut the rubber just a little larger to allow for any "squeeze" there will be with that thickness rubber. Use dish soap or similar as a lubricant and gradually work the rubber around.
To be honest, I'm not sure neoprene will last long, but I could be wrong.
Good luck,