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I used two butter dish lids with a bolt, washer and wingnut to clamp over the label area before cleaning, to protect it. Also, VERY IMPORTANT, use distilled water to rinse because chlorine can eat vinyl. I used velvet in the 70's but micro fiber might be better. Wet labels tend to separate from the record. . .
I have thought of this years ago for my iPhone cable but the phone plug part and the USB plug part are too big. I have used the paint on "electrical tape" or Plasti-dip to coat the cable. http://www.plastidip.com/home_solutions/Plasti_Dip