Classic Coat is unlike any rattle can paint you're used to. If applied properly, it lays down very thinly, and absorbs into the material very nicely. I applied several light "dust" coats, about 3-5 minutes apart. Multiple light coats will give better results than fewer heavy coats -- trust me on this one!
Almost done:
Before painting airbag:
After airbag:
I decided to go ahead and do the airbag as well:
This same process can be used on any leather, vinyl, or plastic items, I suspect. Prep and cleanliness are key!
I'll update with a final pic once it's all installed back in the car.