My Mom used to do that sort of thing all the time - she once reupholstered a whole sofa using a bolt of fabric she got super cheap! I don't have her level of dedication to it, but I've been known to sew new covers for things when the underlying product was fine but just didn't match the "look" I was going for. I do it both to save on costs, and because it's just better for the environment - no need to manufacture new stuff when I have something that's perfectly fine with just a bit of tweaking!