I built an MOTM cabinet using tolex and I was amazed at how good it looks. It was my first experience with covering anything.
Tolex "works" really well. It has a nice degree of stretch to it that stays put when you glue it. It cuts predictably and has no grain or bias. It's worth the extra bux. I bought mine from a guy who recovers fender amps and he gave me many helpful hints. Try to find an expert for support.
Use 3M Spray 77 for an adhesive. Make sure the surface you glue to is sealed so it has something firm to grip - I just painted my wood before I sprayed adhesive. Practice on a small piece of wood with seams/corners/etc. Use metal corner protectors for a real nice look.
John Speth - mailto:johns@...