In years past I settled on Milliput after various experiments. You can apply it by hand and get it roughly into shape and depth before it starts setting.
After basic shaping with sandpaper and files, it’s out with the Dremel, with one of the engraving wheels attached. This I use to carve the characteristic Dunlop pattern onto the surface.
I used to curse the fact that Milliput wasn’t available in black as the final job is to paint it.
Just recently I’ve discovered that Milliput is now available in black so it might be an even better product to use.
I probably did around a dozen grips in this way. It takes practice but the finished effect is as good as any I’ve seen. I used it to patch missing areas on some grips where most of the covering was still present: I cannot now tell which is original and which is restored.
Both of these coverings are 100% Milliput:-