All the posts on steering wheel repair seem to revolve around fixing cracks. What do you do when the plastic is disintegrating, and basically missing? Most of the plastic on this wheel is now gone, from getting in and out of it.
Not sure what you could do there, would take a long time sanding all that into shape! Another option is the Asutralia way - http://www.pearlcraft.com.au
Anything that far gone needs a full recasting. You can try to do it yourself, but unless you've got some serious bodywork experience, it may not be worth the trouble. Simple explanation...use the good sections to try to make a mold, and use that mold to recast the missing/badly damaged sections. You can use plaster, bondo, resin, whatever....... Once the wheel is perfect (fix all small cracks, holes, besides the real bad stuff) make a mold, then cast a new one, after stripping the wheel to the bare frame. The Smooth-On company has some instructions on their website on how to make molds and cast things. They sell very high quality materials to do the job, and will give good tech advice, as well. Be warned, though, it isn't cheap! And it is VERY time consuming, as well...once you've done one, you'll understand why the pros get their price for doing the job!
Looks like your ride needs a lot more than a steering wheel repair. On my 59 Fury the top clear section was gone so previous owner used hose to cover the gap and put a perforated cover on it. It lasted about 5 years. I replaced the cover with a leather one from Wheelskins which I found on Ebay. Looks decent, cost about $40 and an hour's time.
If you're thinking of making a mold, I think I'd repair the areas using wax first like jewelers and dental technicians use. Use a heated instrument to drip wax into the cracks, and build up the missing areas using wax also, it's easy to shape, polish smooth and blend in. Once it's all smooth, make your mold.
Don't fix it, replace it. Seriously. Find a nicer one on eBay or at a swap meet. You'd be amazed at what is out there if you aren't in a hurry, and it doesn't look like you need it next week.
I was thinking about making a basswood or plywood frontside and backside, with the fingergrips on the backside, routing a channel for the frame, and shaping the triangular pieces that fit into the horn ring trim chrome a touch smaller than actual, then having the whole thing wrapped in leather. It'd be a lot of shaping with the sander and dremel, but it would be cheaper. Has anyone ever heard of someone doing that? The car is at the body shop now, it looks nothing like the photo, except the steering wheel.
met a guy years ago doing vw's that restored steering wheels and it was lots of work. he used to make castings of good ones and for letting him cast a mint one he would paint it for you at materials cost. the guy was a jewelry designer that would always take on a challenge and amaze people with the results.