1) solvent type contact cement is the best, period.
Nasty, expensive, but none other can touch it ... except hide glue applied with a $7000 Potdevin machine, which is out of the question.
2) water based adhesive has never worked for me.
Flat surfaces hold, but corners always open, sooner or later.
And even flat surfaces separate, many times I reglued (with solvent type cement) loose internal flaps in modern Marshall and Laney cabinets.
3) the "mixed" mode, which I sometimes used when I was tolexing a lot and wanted to reduce excessive solvent in the air, was to first glue the "easy" part, the wraparound, with carpenter's glue, applied to wood, so Tolex would get wet only where it actually touched wood, and let it dry overnight.
A waste of time, unless you are doing a few at the same time.
Next day, I'd brush solvent type contact cement just on corners and edges, let it dry tacky for 15 minutes and finish the cab.
As you see, not worth it for a single cab, useful if you work in batches.
EDIT: the mythical Potdevin machine, used by the greats since when Leo was young

Pay attention at 1:50
https://www.youtube.com/watch?v=6hRJqwhUCPQ