I was going to tell you to look at POR 15, but it's $91
STEERING WHEEL REPAIR KIT-POR-15 Inc.
however looking at the kit, they are selling you cleaner, epoxy, and some polisher, so you should be fine just using epoxy on the steering wheel.
another option would be to pickup a nicer one off of ebay
eBay Motors: 76-86 CJ 5 7 8 Renegade Steering Wheel (item 170217402213 end time May-12-08 20:19:32 PDT)