Bedliner material would be an excellent choice for a steering wheel. A talented applicator can vary the texture from smooth to rough, and I think that the textured rim would be appropriate, but would prefer smooth on the spokes and center. That's just me. The self-applied kits can be tinted, but that would make the application tricky unless you have lots of practice. I have a pressure cup spray gun used for thick paints (did some repairs on a friends Zolatone coated boat deck - pic) that I could try with bedliner. That would probably give better control than a shutz gun.
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Kevin
1951 Chevy 3100 work truck
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1929 Ford pickup restored from the ground up. | 1929 Ford Special Coupe (First car)
Busting rust since the mid-60's
If you're smart enough to take it apart, you darn well better be smart enough to put it back together.