I have one of those older style perforated vinyl lace on "Sport Grip" steering wheel wraps in my 1994 Ranger. The original leather wrap was peeling off bad. I cut the rest of it off, but the plastic rim below was thin by itself. The lace on wrap takes care of that without slipping, but it is ugly. Pretty comfortable though. I plan on redoing the leather or having it redone at some point, but an $8 Sport Grip will do for now.
I wrapped mine with cork/rubber gasket material and leather. Then took it to the local tannery and had them dye the leather to the color of the steering wheel.
Nice, that's certainly doing it the right way. Good idea on the gasket material for padding/backing.