I didn't restore my '46 wheel, I sent it out back in the early 2000s.
http://rides.webshots.com/photo/1539102252083734483VMAggdI think it cost me around 225.00 at the time. That was and is a lot of money. So, on my '59 project I am working on, I decided I was going to do the work myself. I would think your wheel would not be much different (only smaller as this one is for a big truck and about 22" across, yep more sanding). I did a lot of research and read lots of posts here on the site before I started. Most info was the same, "V" out the cracks with a dremel or tool of your choice and use one of several different epoxies or even body filler to fill the gap. Sand and paint. Well, thats it in a nut shell.
I ended up using JB weld and filled in the "lower" half of the v'ed out area and then used the JB weld putty to fill in the remainder. It took lots of sanding to get it where I wanted it and then I sanded it some more. You will read and come to find out for yourself that the wheel material is softer than than whatever you use to fill the cracks so care is needed when sanding, whether you do it by hand or if using a tool of some type.
I found some epoxy paint on line that is primarily used for rc cars but has been used on steering wheels with very good results. I don't have any experience with anything but rattle cans so this is new to me. Lots of folks have good results with spray can paint for this but I am looking for a really tough, really smooth and durable finish. My first attempt at paint was ok but all I will say is I need to rethink my paint area. Lets all say, "proper ventilation!". Hey, at least I was wearing the appropriate breathing apparatus. One light coat of paint revealed some areas that needed some more attention so I started over. I sanded the wheel down again and then used some glazing material that I found at the flaps that I used to fill a few imperfections and hairline cracks that I missed before. Add another 2 hours of hand sanding.
I hope to make my second attempt at paint this week.
I am obviously no pro at this so others may and should chime in on what they have found and experienced.
This is the wheel before I started,
http://rides.webshots.com/photo/2556615640083734483tHySfYI think I have some progress pics somewhere that I need to upload. I will let you know how it works out.
