Nothing I've used works realy good. The best I've found is to use the 2 part urethane bumper repair kits. Then repaint with vinyl paint. It will get you by until you can replace the pad with a new one. It's better then big cracks, but won't give you the grain structure on the surface so you will see a line, but no crack.
I don't know what a home repair would look like,
however you could get it totally restored with a lifetime guarantee
from Just dashes. I think they are in california. There have been several articles
in the Mustang mags about these guys. I think The resto will cost similar to
a new one, however it does have a lifetime guarantee.
Just Dashes also does consoles and other interior items.
I plan to have mine restored by them as well as my