Hi Gordy,
Since the lead tape is metal, it will block EMI. What I don't know is if certain metals do a better job of blocking EMI than others. For the levels of EMI we are dealing with, it should not really be an issue though, I would think any metal would work.
I have worked on EMI problems at work, and I have seem people use aluminum foil to block EMI, and it's quite effective. Of course, it won't dampen like lead tape will. But, it you just want EMI shielding, aluminum foil is more cost effective.
As for grounding, I thought an EMI shield needed to be grounded to work. I am not sure how the ERS stuff works without getting grounded. Oh, and for higher frequencies, the ground path needs to be low impedance. This means a long piece of wire is a worthless ground at high freqencies (in the MHZ).
Randy