I did something similar with a garage sale find last month. We found an old wingback chair with good bones, but covered in a ghastly green fabric. I took remnants of old suitcoats and suitpants, and used that as the fabric to recover the chair. Now we've got the perfect accent piece for our living room--complete with pockets for the remotes.
I'm not saying the process of recovering it went completely smoothly--the padding took a bit of navigating and I had to use a glue gun in more areas than I'll admit publicly--but for the most part, using the staple gun was cathartic and the results came out just shy of professionally. And I'm not afraid to have my mother-in-law sit on it, which is the true test of success!
If you try this project, here's a few things to keep in mind:
1. It's much, much, much easier with two people (one to pull taut, one to staple/glue and hold).
2. Fewer patterns make a larger statement (mine came out a little patchworky).
3. Try to use the original padding, if it's in good shape. I know you may want a fresh start when you're recovering, but firm foam padding is surprisingly expensive. I used a layer of batting around the areas that would receive the most wear. Made me feel like I was more securely sealing in anything that might escape from the chair's past (especially since it wasn't a familiar chair to begin with).
Hope this gives you more ideas--good luck with your furniture re-invention!