Stuart, I have recovered Pawnee's and it is a big job, but not impossible. The fabric life is dependent on how well the plane has been taken care of, meaning kept out of the elements and chemical exposure. Your bigger concerns should be the corrosion in the tail area and the inspection and compliance with the Horizonal tail AD, which is not always done, but an AMOC with proper inspections can more than satisfy concerns for completion of the AD. I have repaired tubing in the tail on the longerons that go to the tailwheel assembly, that also is a pretty time consuming job especially if it is Rosetta welded and properly aligned.
I would use the Stits system with the recovering and also use the old fashioned cement trick on the tapes and structural overlaps. Just a few ideas from someone that has done plenty of Pawnee repairs and covering. Old Bob, The Purist