I've been hungering for that 22Elite armrest since I saw lilrobo's post on the armrest a little while ago. While I was out this morning I found a piece of remnant in black (yes I was in the fabric store -- just looking around I swear!) for $3.50 so I snagged it. Here's the breakdown and results (this is my first time working with upholstery as you can see)
First I removed the console cover (armrest) from the console -- 2 phillips head screws at the back latch.

Next I disassembled the armrest -- two phillips head screws attaching the hinge to the rear, two phillips head screws holding the front of the bottom plate at the latch and one phillips head screw holding the latch assembly. After the screws are removed simply remove the stock armrest cover. The cover is very pliable, I started at a front corner and worked around from there.

After I had the armrest disassembled I cut a piece of foam to the general size I needed (always better to start bigger -- you can take more off but you can't put it back if it's too small) and trimmed to fit the contour of the armrest.

After I had the foam core trimmed to the size and shape I wanted I used some spray adhesive to attach it to the lid plate. I then laid the lid plate with foam attached onto my piece of vinyl and precut to the general size needed (remember bigger is better!). After I had the piece cut I trimmed it down to the size I needed and began stretching the vinyl over the lid plate. Satisfied with the fit I applied the adhesive along one edge and made my final cuts. A little trimming to accommadate the latch and then reattach the latch mechanism, bottom plate and hinge. (Sorry no pictures of this part of the process -- not enough hands-- hopefully you get the idea from the description)

Worked out a few wrinkles in the sun and then reattach to the console

Not too bad I suppose -- still a few wrinkles but I can live with that until I get the interior redone. And I can always strip it off and put the stock cover back on.