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Your options are unfortunately limited. If you want a totally correct restoration, you'll need to send it to a specialist like Gary's. Don't expect much change back from a $1000 bill.
If you want a serviceable repair, you can do it yourself with JB weld or similar epoxy material, then prep and paint the wheel. The problem is that you will lose the chrome inlay. That's pretty much life. Obviously this is the much less expensive option. Your call.
I agree with Joe, but I have done the repair on a simulated wood wheel it takes some work, I used the PC7 stuff from eastwood, and I added powdered pigment
it came out pretty good, not concours but fully serviceable for me. I did have to add some grain with paint etc to blend in, but after clearcoating it looks pretty good
steering wheel after first application steering wheel repair steering wheel repair steering wheel repair
I had my 66 Cutlass steering wheel done by Koch's in Aqua Dulce Calif. My wheel is the rare deluxe wheel which is half woodgrain and half the color of the car inside. They strip it down to the bare metal and recast it and it came out gorgeous, and get many compliments at car shows. I got prices of up to $1300 just to repair it, but they charged $450 and I have a new steering wheel. The only things I don't like about repairing a crack, is it may crack elsewhere later. I don't know if they can do yours but it is worth a call. I have their phone number but I don't know if you are allowed to give it out on this site. They are listed on google, and also do VW restorations.
Thanks Olds64. I ordered one of those this morning for my 54. The wheel has a couple cracks at the spokes and it is a very skinny wheel. The Pacific Blue they had will match very nicely. Although not original, I think I will enjoy driving it a lot more especially on longer trips.