I have done this, to great effect. In addition to my printed control panel, I occasionally use cheap, off-the-shelf vinyl/pleather to cover my CPs. Here's some steps;
1. Go to fabric store, by cheap & supple vinyl
2. Use a hasp to slightly round off edges of your CP on all sides.
3. Make sure your holes are already drilled, any necessary mounting plates are installed
4. Cut vinyl to overlap CP on all sides by a few inches.
5. Lay vinyl face down
6. Spray a light-medium amount of glue or spray-adhesive to the underside of the vinyl
7. lay CP on the vinyl.
8. Wrap 1 side of the vinyl around the back / bottom of the CP. (make sure to fold the corners in.)
9. Staple that 1 side.
10. Grab opposite side of the vinyl, stretch slightly (warming it up with heatgun or hair dryer may help) wrap around front side, staple (make sure to fold the corners in).
11. Stretch ends slightly and wrap around to bottom of CP, fold corners in, staple (Make sure top is smooth, wrinkle free first)
12. Let glue drie.
13. Use new blade on x-acto knife to cut holes in vinyl... you can start with holes a bit smaller than they need to be... you can always cut more off, but you sure can't add more if it's gone.
The picture on the homepage of localarcade.com is a pic from one of my vinyl covered CPs.
more pics in my sig.