The 1990126 is no longer in production. On that link, the price given is for the 1990026. Some outlets may still have a 1990126 in stock.
As for as options, that's not our call. Since cost is no factor....
Buying new (and sell the one you have) gives immediate use of the chair, if you can buy locally.
Restoring the old one will delay immediate use, a bit.
If you can do the restoration and upholstery, do it yourself. The backrest of the recliner should have some sort of clip (spring loaded clip?) on each side, near or just above the arm. Release/press that clip and the backrest should lift off of the lower assembly. To replace, just lower the backrest back onto its "track" and the clip snaps back into place.
You likely will need to remove the reclining mechanism from the wooden base framing. Upholstering can be done without this disassembly on some recliners, but the work is much easier if you remove it... usually just 4 or 6 bolts or screws for removal.
Before starting any disassembly, for upholstering, take lots of pictures so you can replace everything as it should be. Don't rely on memory. The fabric "flaps" under the footrest, attached to the base, is installed "backwards".... this is somewhat of a misnomer. Study those flaps, take pics. Reattaching new fabric is tricky, there, if you're not aware. When attaching that fabric, the chair will be upside down (for access), so watch out how you install those fabric panels.... There may be 2 or 3 panels.
Upholstering should be easy if you're somewhat familiar with upholstery. Seems you have 3 pieces to upholster: backrest, seat and footrest. I can't tell if you'd need to do some sewing. My guess is 2.5 or 3 yards of fabric needed, surely no more than 4 yards.
Disassembling for upholstering should facilitate the refinishing of the woodwork.