I've completed the neoprene chip guards over all of the axis bellows; Z-axis, Y-axis front and Y-axis rear. I even put a bonus guard underneath the head to prevent chips and coolant from going into the cast hole in the bottom of the head.

Tormach PCNC 1100 - Neoprene Chip Guards (Darth Vader Conversion) - YouTube

I know the video is long, but I detailed the design completely. My recommendation is to purchase the Tormach Y-axis rear cover if you are using the chip guard that mounts to the table. The Z-axis appears to be more functional for convenience when it's time to clean up. With my table-mounted chip guard removed (because of the full enclosure) I was starting to get excessive chip build up on the front Y-axis bellows which was causing damage to the bellows structure, which is exactly what these chips guards prevent. The Tormach solution is quick and easy but may not meet all of your requirements.

All four pieces were cut from a 36" x 30" piece of 60 mil neoprene. I had the concept before I started, but I wasn't certain about the execution and in fact I slightly changed direction midstream. The work turned out very well. It's been used during dry cutting recently but I haven't done anything with coolant yet. I'll certainly get video of it when the coolant is flowing on my next part.

Here's the chip guard in action during Tormach TTS SuperFly fly cutter testing:

Tormach PCNC 1100 - TTS SuperFly Fly Cutter Testing - YouTube