One idea would be to replace the existing cord by wiring in a cutoff end of an extension cord of equal wire gauge. Can find both 2-wire and 3-wire cords, and is often cheaper getting a whole cord than getting a specific "power tool cord".
I like the heat shrink tubing idea as well. You could wrap standard electrical tape over the areas that have been sanded away, then use heat shrink tubing over entire cord. Do not know how stiff that would make the cord, but multiple layers would each add protection.
Not sure about liquid rubber. That would all depend on how well the new liquid layer could bond (and hold) to the existing sheathing.
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Today's Featured Article - Grain Threshing in the Early 40's - by Jerry D. Coleman. How many of you can sit there and say that you have plowed with a mule? Well I would say not many, but maybe a few. This story is about the day my Grandfather Brown (true name) decided along with my parents to purchase a new Ford tractor. It wasn't really new except to us. The year was about 1967 and my father found a good used Ford 601 tractor to use on the farm instead of "Bob", our old mule. Now my grandfather had had this mule since the mid 40's and he was getting some age on him. S
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