I've heard of folks using gel type super glue for seam repair. I've had better luck with contact cement (3M 30NF) provided there is enough of an opening to clean out the old cement, get the new glue in there and then bond the two pieces together after it dries.
Some of these old wraps will weld together with acetone (or PVC glue on newer formulation wraps) but since it actually eats the wrap a bit it requires great care and would be a last ditch sort of attempt.
The problem sometimes is if the wrap has become brittle it doesn't always want to go back to its previous shape and could just snap off when you try to force it. Lots of variables to consider.
I have some minor seam lift on the floor tom on a 1971 Psychedelic Red set I recently acquired. It bugs me a bit but I'm just going to let it go for now since I'm the only one who can see it when the drums are set up. I can live with it as long as it doesn't get worse.