I decided to go the "pipe insulation" route for the legs. Being on a limited budget, that was the only real option. I purchased the plans for the legs from Bermuda Triangle Engineering. I deviated slightly from the instructions, but I am pleased with the results.
Instead of gluing and then stapling the pipe insulation to the wood as others have done, I wrapped it with plastic kitchen wrap to hold it until the glue set. I found that the staples ripped the insulation especially when removing them. The plastic wrap worked really well. They sell a short 6 inch roll that was easier to wrap around the form.
"Liar-Liar Pants on Fire!" I finally located the spray version of the popular Plasti-Dip liquid rubber, commonly used to dip your tool handles in. I could only find 1 can of black, but they had plenty of red. I figured I'd start with the red and then switch to black. I plan on painting it with a grey vinyl spray in the end so the initial color should not be an issue. It does look pretty funny though. The spray on does not go on as smooth as I'd like but I don't have the $ to splurge on real rubber legs at this time.
I applied the first coat of the grey vinyl spray paint to the legs. I have a few more coats to go. It's now starting to look more like the B9 legs, now that the color is right. My tree in back is losing its leaves already so my time to paint outside it getting shorter.
I finished painting my legs. I used a Vinyl & Fabric Paint made by Dupli-Color (VS11 Charcoal Gray). I applied several coats. This is the same color used on the knees. Here I have started stacking up the parts to see how everything looks.