I wouldn't paint any steering wheel until it was going in a particular interior in a particular color. '67 CST wheels were color-matched to the interior color,such as red,aqua,etc. There was more than one standard color as well.
To paint a wheel properly you'll want to use a bonding enhancer,like Bulldog Adhesion Promoter,before primer and paint. So,you only want to paint it once. With all the wear put on the steering wheel finish I wouldn't recommend painting over in another color.
www.bulldogsticks.com