Matchless and Bad Cat use that type of upholstery vinyl, and it looks nice when done right.
The difference is the thickness. Tolex is easier to fold around the back corners of the amp. As usual, you have to completely sand the wooden surface free of glue. Then, spray 3M industrial glue on all the flat surfaces. The hard part with vinyl is getting it to curve around the back edges. You also can't fold it over itself because it's too thick, meaning you can't do a Fender type amp, only Vox or Marshall style.
The trick to doing the small folds on the back is to use carpet seaming glue, because the spray glue simply won't hold it in place. The flat surfaces use spray glue, and the corners use carpet glue. The most important thing is that you're careful with the razor knife!