I have seen '54 Deluxe cabs w/ steering wheels painted to match the interior (cream-colored was an option). My steering wheel came out of a GMC Deluxe cab and was green. I filled the cracks w/ JB Weld, sanded it smooth and shot it w/ the same primer/paint I used on the rest of the interior.
Paint the wheel whatever color you like... then just tell everyone you got it from a Deluxe model.
