Hey Mike I'm not on here much and I just spotted this thread. The plastic on those old steering wheels tends to crack with age. The wheel has a steel core under the plastic so it's not a safety issue. I've repaired them with JB Weld with good sucess. It takes patience but it beats the snot out of $200 - $400.
This 3 spoke I swapped into my 72 had a couple cracks at the base. JB Welded it, gave it a paint job and it looks like new.