Ed,
My suggestion is to use nylon parachute cordage which is available at a variety crafts stores. I have purchased it at both " Hobby Lobby" and "Michaels" but I'm sure it can be found at other retail outlets. You can also find the small brass eyelets you'll need at these outlets. For the parachute cordage I uses the thinnest diameter of the 2 sizes available which is approximately 1/6" or just very slightly larger. While it is available in a few different colors, none of which accurately replicate the original cordage used around the turn of the century which I believe was linen, I settled on the white variety which I then dye to suit my taste by soaking the cordage in a pot of either hot tea or coffee. I find the tea method a bit easier and less messy since all you need is a half dozen teabags and a pot of boiling water. I let the cordage soak for a half hour and then remove it and let it dry overnight. I would disagree with using fishing line as it is much thinner than what was originally found on these ladies bicycles. I've seen so many nice restorations of these ladies pneumatic safeties at shows, and even at museums, that miss perfection by using the wrong cordage on the rear fender skirt guarding as well as on the bike's chain-guard.