Love this idea!
As shown here at robertkime.com. Find coordinating remnants of carpet, home decor or fashion fabrics (wrapped on a cardboard roll for support), or even wallpaper. You could even use slightly worn and frayed remnants for vintage look. When Joann or Hancock Fabrics hold 1/2 off sales, you could create this look inexpensively by purchasing fractions of yardage from among their extensive collections of coordinating home decor fabrics.