I've seen people remove all the flaking crap and repaint the base with Angelus leather paint. Pretty good results with low impact on the figure.
Also, if the pleather can be saved or has not started flaking too bad, you can coat it with Mod Podge. That will stabilize the pleather.
Also, if the pleather can be saved or has not started flaking too bad, you can coat it with Mod Podge. That will stabilize the pleather.