I really dig it. I'm feeling inspired to try something like this for my day planner.
You should give it a shot, brother! It's quite easy, really. Below is a picture I just took, showing it off of the book. It looks to lack shape and refinement when not on the book (especially because the tabs that get tucked between the spine and binding are not uniform- but hey, no one will ever see them once it's on the book), but I made it to be a super tight fit, so it stretches to fit the existing cover just right.
Just lay the book out and trace it's cover onto the back side of the leather. From there, leave enough leather to make the turn-overs for the front and back covers, and the tabs at the spine. Also, you'll need to sew the flap on before you sew the back sleeve closed... and be very careful to not sew it into the seam while you are sewing up the back sleeve.
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