Never used fabric paint, I would love to see the end result! Sorry, not much help here.
What is your style? Contemporary, Traditional Victorian? Could go either way with the style of the chair.

I think this would be cute upholstered in a cotton or linen type fabric, no skirt, add cute, modern legs and get rid of arm covers/protectors. Post some fabric options, an accent print would be cute if that would work in your room

Not worth the expense of redoing. Donate and get something new.

Slipcover?

chalk paint - if it doesn't work out, not much lost.

If this is a first time project, it would be worth using the skirt as your test. Work too quickly and you could end up with a loofah, so take your time - and know that the seat will no longer feel plush. ( If that matters for you, you could still make an inviting look by adding a dramatic pillow.) Hope you will share your results.

That chair looks to be of good construction with bad re do fabric. If it's not wobbly, has eight way hand tied springs and is comfortable, invest in reupholstery. The back detail can be eliminated for an up to date look.

Well, this is the finished chair that I painted with fabric paint. Not bad at all.

What a difference - hard to believe it's the same chair.
Is the fabric coarse/hard after using fabric paint?

What brand of fabric paint did you use? Also does the color bleed at all onto your clothes?

Ix the fabric still soft or did it get stiff?

PS it looks great!

Amazing. Would not have believed it possible. I stand corrected!