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I repaired my steering wheel 20 years ago with POR-15 two part epoxy and then base coat black with a few extra coats of clear. The only problem I've had was hair line cracks reforming, I think the original wheel material came away from the epoxy. Other than that the paint has held up great.
Any good enamel over a clean base should work. I've used rattle can Rustoleum on tractors and it has held up just fine. A few years of hard work and it is time to re-coat, perhaps. But then a working tractor wheel gets much more abuse than most trucks.
Anyone ever tried filling the cracks with JB Weld? That's what I'm thinking about using on my wheel.
All the time but I do recommended the regular JB, not the 5 minute quickset. Grind/widen your cracks a little deeper so the JB has something to grab on to. Once hardened, get out the Dremel or the sand paper and sand smooth. Finish with Krylon FUSION paint and you are good to go. POR15 paste works good too but much more expensive and not locally available (usually).