Original cover only!!!
No, I used the original 03 cover without alteration. It's amazing actually, because when I was done, I pulled the cover in more than before from the staple marks.
I used 3M #90 spray adhesive to hold the foam down to shape it correctly and keep the edges neatly tucked in. I sat on the seat when it was upside down and that allowed me to pull the edges in enough to staple it. BTW, the stapler you use is the key.
At first mine didn't seem strong enough to put the staples thru the hard plastic of the base, but even firm pressure of the stapler against the plastic worked best. Many of the staples wanted to deflect instead of penetrate. I also used one of those backwards staplers (ergonomically correct) which was more powerful than my old one. Others have suggested an electric one which would also work well.
I hope these pictures help anyone else who is interested. I am really impressed how easy it was. Under 2 hours of work from start to finish. The result is a much plusher seat and higher seating position that makes the stock handlebar position seem too low. I moved mine forward several inches raising them. I had to break the limiting rivet on the handlebars to get them forward and high enough.
I think anyone who does this upgrade will be pleased!!! Don't waste your money on a 05 seat. This cost me $25 ($12 for the foam at Joann's on sale with my wife's coupon and $13 for the 3M spray adhesive). For sure use an electric knife to cut the foam since I don't think you can make the cuts so cleanly without one. Also get the high density foam which is the exact right thickness for this application.
Good Luck!!!
Otis