I am in Phoenix, my Sled comes from Washington, so there are lots of places that need to be repaired due to rust, in addition to that the rats got after the wiring, which is why I need to take everything apart right down to the bulkheads.
As far as the steering wheel? there is a number of things you can do, it just depends on your preference
1. You can find a nice repro piece from places like Year one http://www.yearone.com/
Look in the GTO Section and search for steering wheel , While they don't explicitly state Bonneville This item was relatively the same across models, or ebay, I found this one, it is NOS (New Old Stock) and it looks clean, I wouldn't recommend painting it if its not the correct color, get the color/type you need http://cgi.ebay.com/ebaymotors/65-PO...Q5fAccessories
2. If you want to try your hand at repairing it you can buy kits to assist you in doing this, it is a matter of applying some some epoxy resins to the spots that need it then sanding them down to match the contours of the existing wheel, this is time consuming however it can net some great results if you take your time. http://yearone.com
lookup part number SWRK1
3. You can update to a new one, just remember if you are looking for a retro look or trying to restore to OEM. this may not be a good fix, you will find that these wheels are not the same diameter wise as the original, frankly they look nice but can be obnoxious since they are smaller, they don't fill the dash correctly and it requires a little more to turn the wheel, you can find these at Year one as well by performing the above search.
4. The easy way out by leaving it alone and placing a steering wheel cover over it. =)
Let me know what you decide, I would be interested in hearing how it turned out, What size engine do you have the 389?
btw, I'm not a salesman for year one however they do have great stuff, maybe a little pricey but worth it in the long run. There are many places that have the same stuff and less expensive these folks are just my preference