D-I-Y Ottoman in our future!

I've got a yen for a home design shake-up, but have been having a hard time deciding where I want to begin... Although my list feels long, I was thinking that starting with something simple seemed like as good a place as any.

What a fool am I! Nothing is simple. (Or not in this house...)

My latest project is to replace our coffee table (much as I love it) with an upholstered ottoman. John and I have spent much of the last year propping our feet up on pillows, and suddenly I just thought, "This is stupid." Why exactly am I carrying on the coffee table legacy if we really just want somewhere to put our feet?

I've looked obsessively at possible candidates, but my requirements are lengthy.
1.) Size: No bigger than the current coffee table (45" w x 24" d)
2.) Price: No more than $250.00-- TOPS!
3.) Material: Leather or fabric, but it's got to be fairly indestructible if we're going to be putting our feet on it.
4.) Color: Flexible, but navy, glassy blue, rust, orange, caramel, beige or taupe are all contenders. However, I'm standing firmly against the chocolate leather ottoman that proliferates the internet and most box stores. I just can't get around it-- it just doesn't do anything for me.

I've tracked down a couple of candidates, but so far nothing has fulfilled all of my expectations. Here's what I'm looking at, but not loving anything...

So then I had an idea! What if I upholstered my actual coffee table? It's kind of a crazy idea, but why not, right? I'm thinking that I could buy some thick density foam; the fabric of my choosing; and actually turn my table into an ottoman! The only glitch-- I might need to cut the legs down so it doesn't end up being peculiarly high, but that doesn't seem unsurmountable!

I'm pretty thrilled by the prospect of this plan. I haven't fully committed yet, but unless I find a fabulous and affordable alternative, I think I may try to tackle this project next week!

Exciting!