Two Companies do this and...
New Dash Corporation in California, and one other one... They go in and for several hundred dollars, strip the pad down to the frame and refoam it, and recover it in the newer style of material that is used now. It looks pretty well just like the original material and grain on the originals. It is very expensive. These guys advertise in Muscle Car Review.
There are kits which have been sold for a long time which you use a heat gun and foaming material and patch over the spot. This looks kinda cheap but it is effective for preserving the current dash and getting a decent cosmetic look out of it.
There are also dash caps, which can look decent if color matched according to the interior... When someone figures out its on there, there is usually a wince or two.
I have seen cars win at shows with a well matched dash cover, though I don't imagine this would fly at a Corvette show.