That method is merely using paint to "dye" the leather. If you use the wrong type paint with lacquer thinner, you'll have a gooey mess. Acetone similalrly. The solvent will penetrate the leather surface and flash off. I suspect it overcomes the color matching issue as more choices in paint colors.
There are spray apply dyes for this, but may limit the color choices.
There are many "old" used car detail tricks for making things look better for the sale, but may not service the long term.
The thread material need to be considered when choosing, so you don't affect or deteriorate the stitching. Also what the material is so not to attract bio-degradation.
I think the results will be only as good as the leather you're starting with. If it's mildewed, moldy, or severely cracked and faded, it'll reflect that at some point. The dyes sun fade, some more than others. The leather dries out, loses it's natural and tanning oils, and brittles. The cost of reconditioning labor vs the cost of recovering comes into decisions.
Best thing is regular attention, but that's not an option if it's a resurrection.
We've kind of lost our leather know how, as most all of the commercial hides are tanned outside the USA. I remember the "leather works" as a key piece of industry, but they all succumbed to environmental clean ups. Synthetics have replaced natural leather.