Yes , epoxy paint is what you want to use .
I wimped out and had my steering wheel restored by Koch's in Canyon Country , Ca. , they primarily do old VW & Porsche wheels but they do the steering wheels for the local Corvair club and those guys are _picky_ ! .
I bought a used wheel from someone on this list ,
Had Kock go at it and now it is the most commented on part of my truck , it's been holding up quite well in several years of commercial service , ofttimes I'm working in the field and must needs drive with dirty grimy sandy hands - so far it's always cleaned up with a wet rag....
Reading the manual by a steering wheel restorer , he says it is most important to open up _any_ cracks down to the metal and clean it perfectly .
of course this is why I wimped out , I'm too darn lazy to do all that .