It seems that the first thing to go is the diaphragm. Age and use simply wear them out (although some will say ethanol will eat NOS diaphragms, I have yet to see any sort of proof, and the two NOS kits I have installed are going fine 4 years into service).
Basically every other type of vehicle restorer is simple replacing the diaphragm material. There is no rocket science to it. Use a quality rubber (one guy is using a patch from an old inner tube).
Here are some links to the oh-so obvious:
http://www.vintagewerks.com/Fuel%20Pump ... ation.html
Here's the post about a guy using a tire (read to the bottom)
http://forums.aaca.org/f120/source-diap ... 67208.html
Here's a company that is selling AC rebuild kits for $60.. look at the diaphragm... nothing a steel rule die won't do... or a sharp knife and a .30 cal empty cartridge (that's a tip from AM).
http://www.maritimedragracing.com/antiq ... cellar.htm
There is nothing magical about how an AC fuel pump's mechanical diaphragm works. Its really just a piece of rubber.