This little tutorial over on Instructables is helpful for reupholstering an old, old footstool, but the best part is how to turn cardboard tack strip into flat welting to hide the staples. Otherwise, you would glue on gimp or hard-to-make double welt cord. This gives you a slick, low profile finish around the edge. See the full, step-by-step tutorial.
You have to love the age on this thing. See more.