The solution is for the West Indies to design a uniform with a permanent black arm band.

Afterall, every day is the anniversary of someone's death.
Where have you ever seen anyone wear an armband for someone who has been dead for 40 years; usually its only for recent deaths? The Manchester United example is irrelevant because that was a "TEAM" tragedy where multiple team members died in a plane crash while returning home from a game. Sir Frank died of natural causes; albeit at a young age, and he had already retired from cricket. A minute of silence before the start of the match to commemorate Sir Frank would have been more appropriate than an armband.
I suspect the next suggestion would be to pour libations for all the death former WI players before every match.