I had some of this stuff sitting around and I thought it might be a good alternative.
I gave it a try and it seems to cut down on the light output. I haven't tried it while riding yet. You can see the difference around the edges as I didn't spend that much time cutting a perfect fit. At least with this you can remove and reattach as needed.
And yes, I only have 679 miles on mine so far. It's downright sad.