Best way to restore faded/cracked sport seats?

[Fomocogogo]

Im in the process of starting to restore my interior. Although i am not going show quality i am wanting it to be very respectable in the end. I have tossed around the idea of "restoring" these sport seats due to the fact that dropping 600+ on reupholstering them is not in my budget. The only rip is on the drivers side shoulder bolster. From what i understand this part will unbolt and i can just buy another used, unripped one to bolt on. It seems that the previous owner got some sort of white paint on them. I can pick specs of it off with my finger nails so i feel it would come off with chemicals. And for the fade/cracks, what would be the best way to dye/restore these seats if in all possible. I figured i would post first because im sure someone here has first hand experience in attempting something like this. How did it turn out? Worth the time? Are these seats leather or vinyl? Any links, pictures or input would be very, very helpful.

Here are some pictures of the seats to give you guys an idea of the mess im trying to work with.

Thanks.

-Brian

[e34john]

leatherique can make your seats look better, won't fix the rip though.

[cody_lick]

I will check when i get home i had something i forget what it was called but i had a friends 86 325e with black interior seats started to fade and it was almost like spray paint but it wasn't. After i sprayed it on and followed the directions it looked like a brand new seat. I think i have some in my garage I will check when I get home to see if its still there

[joonsup]

i just got my 2 sport seats reupholstered for under $300 at a place in el monte. Not sure how far that is from OC though. I have yet to install the seats though as I am going to take out the carpet and spray them along with the door cards, etc.. They did a pretty good job and I think it was worth the cost