I would agree with the likelihood pointing to that.
Don't forget though that the seller says he took it off his new GS31, which points to a production date on, or after, mid 1976. Some may find that a reason to mistrust it as a reference for earlier cars.
You think he refurbed the wood composite, but didn't bother to strip and repaint the spokes?
I think its the original (Izumi) factory finish.
Not to add weight to your argument, but here's one of the brochure images for the mid-'76 up S31-series cars in Japan. I have no evidence to support the theory, but I have a hunch that they might well have used specially made 'blond' steering wheels for brochures and advertising, simply because they showed up better for contrast than the production items: