Alcohol might cause more harm than good. IMO, I wouldn't use it. I think it would eventually dry out the material and make the seat start to crack, just like all the old sleds....
I use Son of a Gun on everything I own, I'm not an Armor-All fan at all, it makes tires turn brown whereas Son of a Gun doesn't.
As far as the seat, I would use a Meguiar's leather treatment, weather it's the wipes, or a cream with a rag. I have even tried Meguiar's endurance tire shine before. It's a purple gel that really makes the seat shine, and it's a little tackier than the sprays.
Just my $.02
Nate