Hey Guys, I picked up a worn steering wheel and decided to try and restore it. Im pretty happy with the results. I spent about $100 in products and probably used only 3% of each. First i cleaned the the leather with Sonax leather cleaner and a brush. Next, the alcantara with Sonax alcantara cleaner and a damp cloth. The Alcantara cleaned up really nicely, it was hard and stiff before but now looks almost new. Then used 800 grit sandpaper to scuff around the worn leather area to remove any loose debris and make the surface smooth. i sprayed leatherworld color prep and cleaner to prepare for the dye. Wipe it down and let it dry completely.
I covered up the stripe area with painters tape and dyed the worn black leather at the top with leatherworld dye(917). Its a dye but also leaves a smooth coating. The rough worn leather texture became smooth after application. Need to use very thin coats and let each coat dry completely(15 mins between coats). Did 2 coats with a very thin paint brush and tried to blend it in to the good leather. You dont want to build a lot of coats. Let it dry overnight.
Now its time to paint the stripe. I sanded it first with 800 grit and then cleaned it with leatherworld color prep and cleaner. Wipe off and let it dry completely. Mask off the black leather from the stripe. Used my fingernails to push the tape into the sides of the stripe so i can expose the sides of the stripe for painting. I used Angelus light blue acrylic leather paint mixed with a little bit of white paint. First pic is without mixing with white, its darker than the original blue on the stripe. Did 3 coats and used a very small touchup brush to paint around the M stitching. I let it dry for a couple hours and then applied 3 coats of Angelus matte acrylic finisher. Its actually very glossy, you could buy some Angelus duller to mix into it but i planned to protect the stripe with Leatherworld low gloss top coat. It leaves a smooth matte rubber coating to protect the finish. I applied 3 coats after letting the finisher dry overnight. Peel off masking tape and clean up any paint that may have bled to the sides. You can scratch it off with a pick tool or something and reapply black dye to any black leather you might discolor.
Heres a comparison to my alcantara wheel and a pic of the M-Performance V2 wheel installed in the car.
Products i used(I forgot about the Sonax alcantara cleaner):
Its been holding up fine to regular use. Im not sure how it will react to leather cleaner and a brush. I might go with a hot damp towel and a mild soap instead. Still better than it was previously... Hope this helps the next person.