Anybody re-cover their own dash pad?

I picked up a clapped out dash pad at a local swap meet. It has a few cracks/splits. I was thinking I could strip the old vinyl and foam off, down to the core. Once stripped to the core I could glue on some new foam and possibly new vinyl or other fabric (don't want to spend $200-300 on a new pad). I know it won't be original (or even close to original), but it will be going on top of a custom dash panel/instrument cluster anyway. Has anyone attempted anything like this? I have seen the carbon fiber a member did awhile ago, but I think I would like a "soft" dash pad. Let's see what you've done or throw out some ideas.

Thanks

Dan