I've never tried re-covering one, but it seems like a combination of wrapping Christmas gifts and wallpapering. If you are truly hopeless at this, you might want to try another project...
"The phonograph is not of any commercial value." Thomas Alva Edison - Comment to his assistant, Samuel Insull.
"No one needs a Victrola XX, a Perfected Graphophone Type G, or whatever you call those noisy things." My Wife
I tend to agree with Curt that this sounds like a project too far. The end result is unlikely to justify the amount and cost of the work involved.
Depending on the age of your machine, the original case covering could have been black leathercloth, or on coloured versions crocodile cloth until about 1928 or leathercloth from about 1929. If the original turntable cloth is still present it will give a clue as to the original case colour, as will the colour of the paint inside the horn mouth. Finally, if your machine has gold plated fittings (most unlikely) the case covering would have been red leather.
If you decide to go ahead, assuming that you can source suitable material and a convincing replica HMV transfer(decal), I would use a heavy duty ready mixed wallpaper adhesive for the job. This allows the material to be slid around for final positioning, whereas you only get one attempt using a contact adhesive.
Some people have been known to strip a 101 to bare wood, which they then stain and varnish in order to make it resemble a Tropical Teak version. A much easier job than re-covering, but only acceptable if it is not done to deceive.