With the help of this thread and my dad, I just finished restoring my steering wheel and saw someone else was enquiring about steering wheel restoration, so here goes the step by step with pics.
1. Remove wheel (I just repaired a spare one and will swap them when the time comes)
2. Sand it back.
3. Use a Dremel to cut the cracks bigger and put holes in where to repair.

4. Use Megapoxy to fill cracks.

5. Leave dry for a couple of days.
6. Sand it back.... again!
7. Spray with "Spray on putty/primer"
8. Sand it back AGAIN!!

9. Paint it... we took it to a painter to get painted in 2 pac black.

Voila! One shiny new steering wheel that I'm very happy with!
Cheers, Manda.