I love making my own ironing board covers, you can match the other fabrics in your room, or just be playful with it. I always use 100% cotton but a tighter weave than canvas, the objective is to achieve as smooth a surface as possible so you don't inadvertently iron in a pattern. In addition to muslin and percales, check out the upholstery section of your fabric store, some good ideas there as well. It's also sometimes cheaper to use an inexpensive twin sheet. For the padding, I use a couple of layers of wool felt which comes on 60" bolts and is available in most fabric stores in neutral colors. Wool will not hold moisture as much as cotton will and is also very heat resistant, much more so than foam padding which will yellow and can show through your cotton top. I make a drawstring casing all around and pull a cord through with a safety pin, pull tight, smooth the corners, and tie. Have fun! What a space saver that type of fold-out ironing board is.