I painted my steering wheel. first I repaired the chips and cracks using an epoxy (2 part) such as (JB Weld) or similar when sanding down the epoxy be careful not to sand the wheel too much especially the back for the finger grooves. Then I used automotive paint, same color as the car, and painted the wheel only problem was if you hit the wheel it would chip rather easily.
however the wheel lasted for years for me until I changed to a custom wheel
one thing you might try is using an additive for the urathane bumpers which will keep the paint flexible. Good Luck
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