The word is vaguely familiar to me, in expressions like "slubbed silk". But oddly enough slubbed is classed as rare, along with slubbing, slubber, etc. It's only slub which is common.
The various forms of the word are used infrequently, and that mainly in specialist writing. So I agree, it should be made rare.
It seems that slubbing was once a specialised job, of drawing out and twisting wool or cotton, preparatory to spinning. The slubber's work was eventually mechanised, with the aid of a machine called the slubbing billy.