I think it would look good if it was done properly.
I've recovered almost every plastic part in my AE86 and it was a bitch to do but well worth it.
The most important things are: patience, practice, good glue and a hot air gun/hair drier (a must for tight corners).
With a bit of practice and if the adhesive is strong enough then this could look realy good.
I'd personally just use vinyl from a car interior place or clark rubber (about $12 p/m) and some good adhesive.
Hope this helps.