Just a thought, maybe strip it back to metal (somehow, depending on what it's made out of), then perhaps just have it leather-bound by an upholsterer or someone similar. It would not look like it first did, i'm sure, but it would look brand new afterwards.
(I'm talking of using maybe 1" wide strip of leather and wrapping it very tight around the wheel and having the inside of it either wrapped to, or painted, perhaps chromed).
Mike.
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