And here it is after a light coat of paint. Total cost: 6 sheets of toilet paper (Scott tissue recommended), 1 bottle of contact cement, and 4 or 5 squirts of flat black paint.
How does it sound? GOOD!! I was worried that the tone would be muffled and darkened, because this amp is pretty dark anyway. Instead it was loud and fairly sharp. I really didn't have an idea of what it sounded like before, because it wasn't used due to the rips, but I am very pleased with how it turned out. Plus, I got a good buzz from the contact cement fumes :-).
I am very happy with the results, and if you have a speaker with similar damage would recommend this process to anyone.
Here is a brief clip I did. Amp set half way, Strat neck pickup then neck pickup with SD-1, then bridge pickup with SD-1:
Silvertone 1482 with Jensen P12PS