^^^That is the best and cheapest way to go. If your arm rest is nice you can sell it and put some money back in your pocket.
Pull the cover back in the arm rest section, cut the square tubes off, and smooth the area cut off to match the other tubes, then pull the material down, and tuck the front and back under the flap. Hog ring it to the bottom of the frame, and you are done.
What kind of console are you using?