I think you'll find that the rubber bands will deteriorate in relatively short order. I had some hanging on a tack at work for about a year and when I went to use one eventually I discovered they had all dried out and fell apart in my hands.

I use rubber grommets as vibration isolators. You can get them in any decent hardware store, sometimes automotive stores, and Radio Shack used to sell packages of them. You drill the hole a bit larger, put the grommet in it, and run the screw through that. In a pinch, a small piece of rubber hose will do, it expands slightly when you tighten the screw and will grip the hole.