I will jump in here; I was in the same place a few years ago. I thought that I could fix it to an acceptable level. I tried everything I could, bought several DIY kits, etc and the end result was slightly less bad than the cracks. I then bought a dash cap, the one I got did not have the VIN plate cut out (which was not normal). I have seen a number of dash caps and IMO they look ok (personal preference issue). In the end, a new dash pad is the only way to go if your car is of a level that it should have one.
Now, all that said after I bought my new dash pad, I did some research on covering dash pads after having seen one covered on a TV show. Turns out that there is a very thin vinyl/leather like material that can be glued and stretched to cover a bad pad, however you have to have the current pad flat and smooth or it will show through the covering. Find a upholstery guy/person, specifically one who does custom interiors and talk to them. I think it can be done, in fact I am very sure it can be done, but you have to find the right materials and technique.
