Sorry for the delay in getting back to you.
Yes, Plasti-dip is the material you dip handtools into to produce grips. I first read about some folk using it on their tractor steering wheels over at Yesterday's Tractors site (
http://www.ytmag.com ).
Several have made a shallow tray shaped just as the particular wheel they will be dipping. That way it doesn't take so much product.
I will try a different approach as I noticed on the can that it can be thinned and spray applied.
As a matter of fact the stores now carry a spray rattle can version of it on their shelves.
I think the company must have changed hands with some changes to the can, but it appears to still be the same product.
I think that the plastic gripping material would give a nice feel to the wheel, clean up easily, etc.
Patching the wheel cracks and spraying it is something I will be trying. The YTMag folk seem to prefer JB Weld for patching rather than fiberglass putty.
I'll post back once I give it a try. Probably down the road a bit.