Welcome to the GWOF NCwinger. Several things come to mind. There are companies out there that make seat covers. Don't know all of them but I do know Hartco is one. Another thing you could do would be consult a local upholstery shop to make the repairs. There are also aftermarket seats available & you could always check Ebay for a used one. Just some ideas.
I would highly suggest putting some miles on the seat as is. This will give you the insight on how the stock seat works for you. If you find yourself saying "the seat would be better if......." , spending money on new seat cover will not give you what you want. If your seat is original, the padding is probably about worn out. I bought a 92 wing with 42,000 miles and the stock seat was in great condition and comfortable for 1st few miles, then I would get a bad case of butt burn. I have purchased 4 seats trying to get 1 that fits me the way I want to ride. I am 6'2" but prefer to feel like I'm sitting in the bike instead of on it, so best solution for me was a saddleman road sofa low boy. Highly suggest riding as is for a while and decide if you need anything different about seating position or the density of the padding.