New'n72 - The wheel looks Great! So... tell us... How Much?
Joe, you might want to start another thread on this. Sounds like a cool project. Might take some trial & error to get the results you want. Not sure you'll find much info for DYI.
I'd start by mounting / bolting the wheel to a bench somehow. Dan's idea to wet the leather sounds right to me, I'd use water. You could test the leather you have. You'll have to decide how the leather will cross the spokes of the wheel. Either fold the edge under or hem the area with a sewing machine. If you just fold it under you could glue & press it for a neat appearance. Come to think of it gluing the leather where it crosses the spokes and around the perimeter might not be a bad idea. Back to molding the leather. I think I'd start by sewing a band of leather about 1/2" to 1" smaller than the diameter of the wheel and about 3" to 4" wide. Soak the band then stretch it over the wheel and center it. Pull the leather around the wheel and clamp it on the inside. I'm thinking use those little cheap spring clamps from harbor freight. Get it as tight as you can, keep the clamp joint centered, then let it dry. Or maybe apply a little heat. (You do still have your blow dryer from the 80's don't you?) Let it dry overnight or two days. Before you remove the clamps use sharpened chalk to mark were your seams will be. And mark where the edge of the leather will be as it crosses the spokes. Hummm..... Now I'm out of ideas!

I was thinking: Take the leather off the wheel to trim & fold the seams under. But that won't work, the leather is shrunk and molded to the wheel. Maybe work one area at a time? Gotta think on this some more.
Don