Just plasti dip spray it directly on the steering wheel. Paper and tape off everything on the outside of the circle that surrounds the star. First coat just dust it, second coat a little more, third coat it should be all black, fourth hit it again, maybe even a fifth.. Let it dry well. Start pulling the over spray up with your finger nail on the outside of the circle toward the star. It usually will break at the seam/edge of the star. You can also use an arts/craft exacto knife to pre cut a weakness under the star.
If you don't like how it turns out just peel it off and do it again. Its easy stuff. Reg black has a nice matte finish. On the outside of a vehicle it usually last 3 years before it will start to peel.