In the '70s, the real leather wraps were usually sold by the "better" import car accessory vendors. The DO take a good bit of effort to do RIGHT and TIGHT. As I found out when I bought one and installed it on our '66 Newport. It was also necessary to stretch it a bit for the wheel's diameter, although I bought the correct one.
When installed, it felt nice, but the string was not conducive to "one-finger turning", so I removed it.
In the later 1980s, a friend had a real HEMI 'Cuda with the factory Tuff steering wheel. The rim was getting aged and needed to be replaced. At that time, they were very expensive, not in repro. He found a one-man upholstery "shop" who was recommended to him by a friend who had used him. That guy agreed to do the Tuff wheel.
What he did was to take soem appropriate-sized fuel line hose, split it, and that became the underlayment for the leather cover he installed. When done, the quality of what he did was in the RollsRoyce level of things. For a price that, at the time, seemed "dirt cheap"! It was fantastic!
The wrap on the displayed steering wheel now is one of the "better" versions of a basic "make it look better" product. Nothing wrong with that! IF you wnat a black wheel, get some JB Weld and fill in the cracks, smoothing and sanding as needed, over a few weeks, and then use some quality acrylic enamel paint and paint it black. Dye can do the center horn section. Masking off the emblem.
The problem with the hard plastic steering wheels is that as they age, they will crack, even if fixed. Leatehr can be more durable and look more upscale, too.
Just some thoughts, observations, and experiences,
CBODY67