Rub -n- Buff....Boy I have not heard that in a long long time. My mom used this for crafts when I was a wee lad. My biggest concern here would be the durability of this product on a surface that would see wear ( aka the seat of your pants)
This product is basically a wax based material that is used normally to highlight texture by filling the nooks and crannies of carvings and relief surfaces. Its use on a smooth vinyl surface may be wimpy. At only $5 or so it would not be an expensive experiment. You could test it along the side or on a less conspicuous spot.
hhmmmm - I've never used Rub n Buff - Armor All maybe?
I'll have to give it a try
It's a lovely chair. Someone on this site gave directions for using furniture medium and paint to change the colour of a chair.
I'd try chalk paint. You can google it. It worked great for me. Good luck!
Reupholster it. If all of the padding and so forth is in good shape, just putting new fabric on is a very doable project. Use the vinyl you take off as a pattern to cut out your replacement fabric. There are tons of instructions and videos on the web. I just did a chair similar to this one. It was a pain because I replaced everything but the wood frame and metal springs. I'm not sure it was worth it because the foam and other padding supplies were so expensive. However, just replacing the fabric wouldn't be too bad.
Here are a couple of ideas I've come across for metallic finish (not my ideas..just sharing). The Youtube video is for a glitter chair. https://youtu.be/8qzB62-GdQM
This is a post I saw where the person is covering a whole table with Rub n Buff and suggests thinning it with liquid deglosser for smoothness..perhaps that would work for your application. http://renewredo.blogspot.ca/2015/03/diy-table-rub-n-buff-on-top-gold-leaf.html
I purchased a vinyl and leather paint from Rub n Restore... you can find them on the net, great company to deal with... great instructions on line--- this is a beautiful product.
I'd recover it also,, not much more work than to paint it.. or the like,, Unless you go with a dark brown or black. It would be a great "first project" to recover.. Old vinal cracks then rips.. Hard to tell the age of it by the pic.