I suppose if you're looking to make it look 'factory' you never will, unless you know how to get that coated look. But this is what I would do.
1) tear the coating off.
2) have it sandblasted to get the chrome off.
3) have it rechromed
4) use a steering wheel cover. One of the nice leather ones.
At least, that is what I would do, if I had the $$$.
What is the original cover/coating like? Is it foam rubber, rubber,
