Short of replacement, that tape is probably your best bet. The repair tape sold through this web site (Books & Parts link at top of page) wouls stick and seal real well. It is white and would need to be painted. This tape is not specifically a vinyl siding tape, it is a roof repair tape. It should last for many years.
Today is PERFECT!
All information and advice given is for entertainment and informational purposes only. The person doing the work is solely responsible to insure that their work complies with their local building code and OSHA safety regulations.