Do it with ot still on the it's not much harder if you don't want to take it off just done mine
 
Just don't mine. It looked weird going around the red stitching so it's now all black and looks better to me, just need some red paint. Good guide :)
 
Did this yesterday, works a treat! I shat myself when I sprayed on the leather cleaner it made it all dull and the grips went red but the cherry blossom brings it back up again, slap on the cherry blossom and leave it ages to dry before buffing it up, same with the leather cream, wheels nice and shiney now! If anyone is thinking of buying a 225 wheel (or any leather wheel for that matter) that perhaps isnt in great nick I wouldn't worry, doing this will sort it right out.

I haven't painted the strip at the top yet, I was considering using the touch up stick for the car but am a bit worried how the strong solventy smelling paint will react compared to acrylic. Has anyone tried using the touch up pen?
 
did this to mine last month, looks brand new!! amazing how well it works. made my wheel slightly sticky for a while though. might try sticking flour on it or something...matt effect
 
I know this is an old thread, but any chance OP can reupload the images? Would like to do this to my steering wheel and it appears this is the only guide!