You might want to browse back through posts in this forum and find the one a couple of weeks ago where resources for building your own table are listed. These have information about putting on cushions and attaching rail cloth. The cushion attachment should be pretty easy, but the cutting and facing of the cushions and cloth attachment to the rails are more difficult.
It might be possible for you to salvage the existing cloth, but my guess is that you will likely be happier with the end result if you get new felt on the rails as well.
Unless you are a dedicated do-it-yourselfer, you may just want to hire a pro.