haha ive seen some made out of paper plates, pennys, aluminum foil and the like but no rubber bands yet.
Since your an excursion nut I'm sure you have checked out those super excursion subs on youtube. Made from like Boston Acoustic parts or similar...They get those things moving like 5 inches each way, im sure it doesnt sound too beautiful however.
I work with some pretty interesting polymeric materials and I'm sure some would be suitable for use in speaker suspensions. Might have to experiment sometime ha