I had high hopes for this closed-cell sponge rubber tape I got at the hardware store. (Where they keep stuff for weatherproofing doors & windows.)
Alas, it seems to have too much "memory" for bridge mute use.
Seems OK with pickups, though. IME 1/2" is a great width, but is often too much for thickness. (Easy enough to trim, though.)
Closed-cell 1/8" packing foam can be nice for a deep pickup in a shallow rout. Seems to spring back well, and of course you can double up.