For 7.95 each, Fay's has sail repair tape, 2" x 25' in about eight different colors that was easy to use. Using black Gorilla tape on the outside sail edge for strength with a sail repair tape color that blends placed on top of the Gorilla waterproof tape seems like a good fix......time will tell.
www.faysboatyard.com in Gilford has a store full of sailing repair/replacement items and is the place to go for parts when redoing an old, el cheapo, fixer-upper sailboat back to life but buoy .....let me tells ya ...... sailboat replacement repair items made by Harken, Hobie, Laser, and Sunfish are not cheap.....holy smokes!