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They sell recovered wheels. They had a couple different models too i think. @Khan wrapped his in paracord awhile back. Maybe he'll chime in with how its holding up.
I haven't read about anyone trying to coat them with anything. You could be the first! Mines kind of due for something too.
I wrapped mine in 550 paracord like Brett said. My buddy is big into salt water fishing in FL and alot of folks wrap their skiff steering wheels in paracord. He ended up doing his tacoma and it came out awesome so I decided to give it a shot.
I do want to redo it so it'll come out nicer, but for 20 bucks and 4 hours of my time it wasn't too bad, especially with a 30 rack at your side
Ok, this is what I think I’m going to try. We have an old OBS snowplow that never leaves the yard at work. Going to experiment on it, clean the pi$$ out it with alcohol, light sand with 400, leather dye if needed then try this stuff:
Fiebing's Acrylic Resolene, 4 Oz. - Protects Leather Finish