F.B.
E.-
Does the chair have particularly good bones & cushioning? Does it fit your space really well? If so, and you are really intent on that restoring this particular chair, get the re-upholstering priced. It can run you as little as $50 to get it done professionally. When you compare that to the price of getting paint, tape, sand paper, tack cloth, a mask, gloves, brushes, etc. It might be more cost effective to get it re-upholsered. Otherwise, my suggestion is to simply keep your eyes peeled for something agreeable on craigs list, at a yard sale or second hand shop.
Best,
F. B.