Fortunately, the steering wheel was not in too bad a shape prior to the start as it had a steering wheel cover over it for a portion of its' life. @jayhawk could add a little more detail to that. The steering wheel is pretty much a 'minimalist' restoration. It was fairly dark at the start, which I think is mostly from a lot of crud (accumulated dead skin, oils, candy bar coatings, etc). All I did was wipe down the wheel with paint thinner to remove the dark gummy material that accumulates. Then, I lightly sanded with 220 grit sandpaper till the brown dust started to appear. At that point I stopped and move to the next section. I sanded mostly in a circular direction on the drivers side of the wheel. I sanded, perpendicular to that on the finger or bumpy side, so that the high parts of the bumps were not worn off. If you sand circular on that side the valleys will be dark and the bumps light. The area with the smallest diameter on the wheel was a bit darker than the rest for some reason. I wasn't exactly sure if this was still 'gummy material' of just darker wood, so I sanded this area a bit more, till it was similar in color to the majority of the wheel color. After that, I just sprayed with two coats of gloss clear.
I have used some red oak stain in the past, but the color seemed to be just about right, so I left it as is (I sprayed a light gloss clear coat over a portion to verify the color) . I was aiming to get it just a little darker than the stick shift knob shown in the picture. If the wheel would have been too light, I would have sanded off the small gloss section and used the stain. I will spray the center spokes satin black in the next day or two.
Need to get new dash vents....