Interesting that you should ask that question. I've got an old hunter that my father-in-law gave me, and the leather washers were rotted nearly completely off...so I ordered some leather ring spacers from Texas Knifemakers Supply (20 cents each), and I have a vague notion of what to do to go from here, but as to EXACTLY what to do(i.e.: how do you keep the rings compressed till the glue dries?).......well, I'm thinking about it, and I'll see what, if anything, some of these other guys say. Lots of great ideas get floated around here, even stuff I hadn't even wondered about yet. Of course, I'm pretty much of a neophyte, so most of this stuff is new to me.
Good luck.
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Just because the river is still doesn't mean that the alligators have gone.