Olive oil sounds iffy. Try saddle soap instead -- anything actually made for leather.Yes doesn't it? but I heard abt it on Design on a Dime. Wanted to see if anyone had tried.
first a good spray glue done right will help the fabric adhere then do some running stitches on top by hand to further tack the fabric down or make a slip cover that is draw string for the bottom and some kind of cover for the top to match.
I have decided to clean up the original leather with the soap and then cover it in some bright print fabric cover without removing the leather. Thank you guys.