It's actually a fairly common procedure with blazers. Most tailors will have aqua-blue elbow pads and orange buttons on hand, usually in the same box in the back of their shop. It takes about a day to install both and costs around $40 - $60. Just visit your local tailor and ask for a "blue orange job." They'll know what you're talking about.
Oh, and speaking of which, I had a Blue Orange Job done yesterday to one of my work suits, and the compliments keep coming even a day later. Pretty neat.