Those 3M fibre packing tapes are difficult to locate, I have tried Officeworks and the local hardware but no luck. No sure if K-mart have them either. I have not looked in something like Bunnings since I have been using this Continental Supersonic tape (stick on) on my road bike and/or the Vittoria plastic rim band on the MTBs. Good thing with these are that they are light, removable/reusable (if I need to change a spoke/nipple which has happened quite a bit) and does not trap water.
My road bikes was out of action last week so I had to put slicks on one of my MTB. Both the Supersonic rim tape and the Vittoria rim bands worked fine at 100 PSI with Maxxis Ultralight tubes (120g each).
Back to the original question, that waterproof tape should work with low pressure (that reads under 40 PSI nominal) since I have gotten electrical tape to work…..
Wayne