Covering the upholstery is a good option. I do not think the armrest is available from Ford by itself. They will want big $$$ for the complete console. I do have this one on the shelf. It is one the only one I have like it. It is only 10", but the price is only $74.95! It is not on our web site, so you will have to call us and ask for part #389-00303.
I found a a guy online, that for 23 dollars, he sends you a piece of material that matches the interior, cut already to shape to put on, and provides step by step instructions with pictures. I will take a photo of mine and post it this evening.
Let me know and I can find the site again. They have a great cheap fix for the radio as well.