From Dowdy Tuffet to Chic Ottoman

The title says it all. I found this Little Miss Muffet stool at a used furniture store for $20 today. My mission is to remove the skirt and reupholster it to my liking. I actually kind of like the emerald green color, but the fabric is thin and torn in places and once I take of the skirt, I'll need to cover the bottom half anyways.

 I love the teal blue velvet ottoman in this room.

(Source unknown)

I'm hoping it could look a bit like this:

(Source unknown)

Or this, except round:

(One Kings Lane)

But, I'll be happy if it simply doesn't look horrible when I'm finished with it! 

I've been researching reupholstery on Pinterest and it seems do-able. Fingers crossed! I'll be in touch with the results!