I carefully removed the cover and had the stitching repaired at a local upholstery shop. They did a great job.
The foam was surgically removed from the pan and found to still be in very good shape over all. The pan was sandblasted and painted. After gently cleaning the foam it was reattached to the pan with spray adhesive.
I purchased some thin batting material that was more than big enough to cover the entire seat. After spraying the foam and pan edges with spray adhesive the batting was applied and pulled taught all around. I was afraid of wrinkles, but the batting material qualities let it conform to the seat with gentle pulling in all directions.
Gluing the cover back on came next. Guzzi Paul recommended using 3M Windo Weld adhesive. It sets up quickly. With nervous apprehension I dove into it, gluing down sections held with multiple spring clamps from HF.
I am very happy with the end result. It still has the aged look, but it is so much better than before.

