I have been looking at seats too, I pulled my seat cover off to get a good look. I think cutting the foam is a no brainer if you take your time, but the cutting of the steel bottom could be tricky. On my 76F it has a curve upward.
SteveF, do you have any pics of the seat from the bottom and before the cover was installed? Your seat is nice and clean with great lines, nice job!
BTW- I'm out in the Chicago Burbs if anyone has done similiar work, I'd love to scoot out and take a llook!