Wood probably isn't the best surface for a steering wheel (slippery).
A new wheel is probably a few hundred, but you can probably find
one for cheap from a "totaled' car sitting in a junk yard.
Have you tried leather treatment cream/spray? I apply Armor All every few
weeks (probably not the best thing, but it's sitting in the garage) and the
wheel looks great (a bit slipper for a day or two, but that goes away).
