Wanted to share my success with the group in hopes to help others:
The bottom plastic was broken and leather deteriorated, I fiberglassed over the bottom, then removed the top fabric to expose the padding. Mine was a little screwed up so I put some foam (a sponge) in the void and did a carbon fiber overlay.
To do the carbon, I cut it to about the size or the original fabric (I did 2 layers and to keep cost down, did fiberglass on the bottom layer).
To apply, I wet laid both layers together (carbon down first) on a piece of glass (mirror works) so they were perfectly flat. Then I set the armrest on top of it and begun wrapping it like I would fabric. I thought about vacuum bagging it but was worried it wouldn’t hold the shape I wanted so I actually used staples to temporarily hold it in place during cure.