Maybe it's my night for "2 cents"?

I had a bellows here I was going to refinish. With my background and wanting to have a decent looking finished product, I bought a can of vinyl spray paint at the auto store. I used to use it on dashboards, seats, etc and it's tuff stuff. Also comes in just about any color you may want.

Since I never did get around to that bellows, I'll only offer my thoughts...

With a careful taping job, the bellows wouldn't even have to be removed, but is recommended.
Two or three light coats should do the job.
Wait a week for it to dry despite what it may say on the can.
Give it a good coat of lemon Pledge when dry and fold it in/out several times.

Since almost all post wwII bellows were vinyl covered, recoating them with a vinyl spray seems pretty natural. It's also quick, easy and cheap. And as long as you know how to handle a spray can, it will look much better than anything brushed on...

P.S. Make sure to wipe down the entire bellows with alchohol before spraying or it might not stick. I've made that mistake before on spot repairs...

Now I'm out of cents...