There is little in life that I won't attempt with regard to mechanical "tasks."
Unless you've done this before and the results were satisfactory, I'd look for a "table tech." They buy cloth by the square mile at prices you and I can't come close to. They have some specialized tools that assure proper tension, know how to take tables apart in their sleep and when done by a third party - there's someone besides yourself to yell at if things go awry.
If the cloth is as bad as the photos show, the cushions aren't far behind.
Coin-op tables are usually designed for hard use and as such, are built to endure spilled beer, masse shots gone bad, cigarette burns on the rails and legs that'll carry the weight of a Buick Roadmaster.
Before you pull the trigger, I'd send a table tech place the photos you posted here, ask them for a ballpark figure for a recover and re-cushion job and see how that compares to your time and cost of new cloth and cushions.
I think you'll be pleasantly surprised.
Meantime, if you really want to trick-out the table, ask the tech-folks if they mind if you do some tear down to get to the exposed wood trim and refinish it so the job comes out even better.
I suspect in Yank dollars, you'd be looking at less than $500 for materials and labor to have it done by a pro.
Let us know how you make out.