I like the idea of finishing it to match your front door ... or trim of your home.
Rather than cut into it ... set a potted plant on the seat. Looks like a hanging basket minus the hanger would fit perfectly! The chair is saved and leaves you with lots of options.
I have a similar one in my office and that's exactly the way I use it. Sometimes it holds a plant. At Christmas a poinsettia. Right now a Peace Lily. Sometimes a teddy bear. In the winter a snowman sits a spell! And what else but a Bunny for Easter!!
Or whatever I'm in the mood for!